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After surging back to $30k earlier this week, Bitcoin price dropped to $29.5k yesterday, August 10. Initially, this level might be strong support, allowing the coin to return to $30k and potentially go beyond.

When Bitcoin started surging back t $29.7k later in the day, many took it as the confirmation of such expectations. However, after climbing to $29.7k, the Bitcoin price was sharply rejected, only to break the support at $29.5k and become a significant resistance again.

The price found minor support at $29,350, which kept it from going further down for the rest of the day yesterday. So far, this support is still holding, while the resistance at $29.5k limited Bitcoin’s price with very little room to fluctuate, forcing the coin to trade sideways yet again.

So far, there have not been any significant events that would definitively force the price in one direction or the other, leaving the traders somewhat uncertain about what will happen next. Some analysts still believe that Bitcoin’s largest resistances are at $30k and $31k, while the ones at $29.5k and others in the area are only minor.

However, minor or not, they have been able to contain the coin’s price as it waits for the catalyst that would allow it to surge. Specifically, all eyes are on the SEC right now, waiting for the regulator to decide on ETFs.

Bitcoin ETF momentum ran out due to summer slump

Two months ago, when Bitcoin spot ETF filings started happening, this was enough to push the coin’s price from $25k to $31k. However, after two months of trading sideways, waiting for the regulator to approve an ETF or, more likely, reject the proposals again, traders have seemingly lost their enthusiasm.

Add the fact that the crypto market typically becomes sluggish during the summer, and the lack of price activity is not really all that strange.

Some also believe the Bitcoin price is not seeing tremendous buy pressure because traders are waiting below and around the support at $28,500.

Bitcoin’s potential retest of $28.5k bottom indicated by RSI.
– Bears holding sway with RSI between 37-50.
– Sub-37 RSI could trigger a strong reversal.
– Demand shows up between $28.5k-$27.8k.
Is this the catalyst for the next upward move?#Bitcoin #btc #ETH #alts #Altcoins… pic.twitter.com/lrsPmK9aTf
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) August 9, 2023

Glassnode co-founders, Yann Allemann and Jan Happel, seem convinced this is the case. These traders are waiting for the coin to sink while keeping an eye on the RSI, waiting for it to fall below 37. If this happens, the Glassnode co-founders expect to see a significant rally.

Another speculated reason for the lack of activity is that the bears have run out of the coins to sell, while the bulls are waiting for an ETF approval before they commit to pouring their money into Bitcoin.

Bitcoin spot to derivative trading volume ratio at all time lows
My take:
This market is just deriv traders chopping each other to oblivion; spot bears have mostly run out of coins & spot bulls are either fully deployed or are sidelined TradFi waiting for ETF approval. $BTC pic.twitter.com/s5fnx5pzNz
— Dylan LeClair 🟠 (@DylanLeClair_) August 10, 2023

Wall Street Memes raises $23 million.

While Bitcoin seems locked in position and unable to move, those looking for something new and exciting have turned to popular active presales, such as that of Wall Street Memes (WSM). The project, inspired by a group on Reddit that stood up against institutional investors in early 2021, has already raised over $23 million.

Best of all, its presale will still last longer, giving other interested buyers a chance to join in. WSM currently trades for $0.0331, which will last two more days. After that, the price will go to $0.0334 as the presale enters one of its final stages. Those who wish to buy the token can do so with USDT, ETH, BNB, or fiat via credit or debit cards.

Wall Street Memes – Next Big Crypto