CryptoMediaClub
Wednesday, July 30, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Bitcoin

Bitcoin analysts doubt BTC price rally as $23K target gains popularity

30.08.2023
A A
0
126
VIEWS
ShareShare

Bitcoin (BTC) drifted toward $27,000 after the Aug. 30 Wall Street open as the dust settled on digital asset manager Grayscale’s legal victory.

BTC/USD 1-hour chart. Source: TradingView

BTC buyer interest remains low

Data from Cointelegraph Markets Pro and TradingView showed BTC price cooling volatility, which began the day prior, when a positive verdict for Grayscale against United States regulators sparked 7.5% gains.

Bitcoin managed $28,143 on Bitstamp — its highest in almost two weeks — before returning to consolidate lower.

Despite closing the daily candle above two key moving averages, these had yet to return as definitive intraday support, and on the day, analysts were cautious.

In a Quicktake post for on-chain analytics platform CryptoQuant, contributor “MAC_D” was among those noting that the Grayscale move had originated on derivatives exchanges.

Despite funding rates remaining fairly neutral, there was a clear absence of genuine buyer interest on spot markets.

“First, looking at the ‘Funding Rate’, it is not an extreme value, so it is not expected to cause a sharp price correction,” he wrote.

“However, it is difficult to see that the spot exchange led the price increase when the BTC price rose yesterday. The reason is that the ‘Trading Volume Ratio (Spot VS. Derivative)’ shows that it has decreased rather than increased.”

Bitcoin: Trading volume ratio (spot vs. derivative) chart. Source: CryptoQuant

Additional data showed trading volumes were still below those seen during upticks earlier in 2023.

“Of course, there is a tendency for prices to change significantly even with small trading volumes because the overall liquidity in the cryptocurrency market has decreased,” MAC_D continued.

“However, it seems that there is a need to be a little cautious about the fact that this rally leads to a dramatic rally.”

Bitcoin: Trading volume (spot vs. derivative) chart. Source: CryptoQuant

“Many similarities” to Bitcoin’s all-time high

Equally conservative on the long-term outlook was popular trader and analyst Rekt Capital.

Related: GBTC Bitcoin ‘discount’ may be gone by 2024 as share price gains 17%

In his latest YouTube update, Rekt Capital suggested that BTC/USD might be printing a copycat move similar to that seen in 2021 around its current all-time high.

While no new BTC price peak is expected now, the recent tops around $31,000 on the weekly chart and subsequent breakdown are reminiscent of Bitcoin’s performance going into the 2022 bear market.

“We’re seeing many similarities between the double top of 2021 and what we’re seeing right now,” he warned.

Should the similarities play out and BTC/USD produce a full fractal, $26,000 would flip from support to resistance to initiate further downside.

“For the time being, we are seeing a lot of signs really playing into all of this,” Rekt Capital reiterated.

BTC/USD annotated chart (screenshot). Source: Rekt Capital/YouTube

Earlier, Cointelegraph reported on prospective targets for a BTC price bottom, with $23,000 becoming increasingly important.

Rekt Capital likewise flagged $23,000 as a prominent level versus the 2022 bear market bottoming structure — an inverse head and shoulders pattern.

“That’s the level that we could see price rebound from,” he added.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Share10Tweet6ShareSharePin2

Related Posts

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge
Bitcoin

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge

15.07.2025
0

BitcoinWorldCoinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge The cryptocurrency world is buzzing with excitement, and for good reason!...

Read moreDetails
Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

14.07.2025
Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

14.07.2025
Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

14.07.2025
Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

08.07.2025
Load More
Next Post
Ethereum Charges Past Key Levels, Eyes $1,750 Resistance Amidst Bullish Momentum

Ethereum Charges Past Key Levels, Eyes $1,750 Resistance Amidst Bullish Momentum

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Surprising Bitcoin Panic Promoting Exposes Investor Inexperience, Warns CryptoQuant CEO

Surprising Bitcoin Panic Promoting Exposes Investor Inexperience, Warns CryptoQuant CEO

5 months ago
Hana Bank & BitGo Partner To Offer Crypto Custody in South Korea

Hana Bank & BitGo Partner To Offer Crypto Custody in South Korea

2 years ago

Bitcoin Bulls Are Back Following Grayscale Court Victory, But Is it Too Soon?

2 years ago
Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling

Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

BlackRock says clear US rulebook turns stablecoins into payment method of the ‘future of finance’

South Korean Central Bank Unveils New ‘Cryptoassets Department’

Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

Trending

Bitcoin could target $141k if it breaks out of the $105k-$125k box
Analysis

Bitcoin could target $141k if it breaks out of the $105k-$125k box

30.07.2025
0

Bitcoin (BTC) remains boxed between $105,000 and $125,000, but a breakout could prompt prices toward $141,000, according...

AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering

AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering

30.07.2025
Turkish Ride-Hailing Giant Marti Announces Crypto Treasury Strategy, Allocates 20% to BTC

Turkish Ride-Hailing Giant Marti Announces Crypto Treasury Strategy, Allocates 20% to BTC

30.07.2025
Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

30.07.2025
China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

30.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz