4-Hour Analysis:
Big Picture:
August is shaping up to be an extremely quiet month for price activity. Bitcoin’s weekly volatility index has dropped to an all-time low, with Bollinger Bands getting back to extreme compression levels last seen in early January 2023. Every time the volatility index approaches the lower levels, the price activity improves. However, if bulls can build a foothold above the 30k levels, the ongoing challenging consolidation could lead to a substantial surge.
On the Upside Over the weekend, little changed as the price moved in an incredibly narrow range. The initial resistances remain active at 29,525 followed by levels ranging from 29,800 to 30,000. These are the levels that bulls must recover in order to improve the current situation. Until that happens, bullish enthusiasm will be limited.
On the Downside As the price attempts to induce some selling pressure, a sudden spike of demand develops, pushing the price back up. This suggests that aggressive buyers are currently inactive, but they are still unwilling to allow prices go any further lower, despite being sidelined. Such price activity does imply slow accumulation at times, but confirmation yet to be seen. The session’s initial support is around 29,125, followed by levels ranging from 29,010 to 28,940. While the key support remains solid between the levels of 28,850 and 28,650.
