Bitcoin (BTC) experienced a 3.7% increase in value after hitting its lowest price since June 21 at $28,641. This shift in market sentiment was attributed to the liquidation of $27.8 million BTC short positions and an additional $13.45 million today. MicroStrategy's recent announcement of $750 million stock sales led to speculation that Michael Saylor might make additional BTC purchases. The Bitcoin community speculated that the proceeds could be used for general corporate purposes, including Bitcoin purchases and debt repayments. Following this announcement, Bitcoin surged by 1.6% within an hour. Santiment predicted that volume is rising for August, potentially shifting sentiment positively.
Trading volume on the Binance spot market has increased, reaching its highest level in six weeks. The lowest profit/loss taking in seven months suggests a capitulation event. Analyst 52Skew believes Bitcoin experienced real spot demand, indicating a strong price reaction. The 4-hour chart appears to be a classic Swing Failure Pattern, with a higher time-frame support/resistance. The market is brimming with anticipation, with potential for another sweep of the lows and consolidation at $28.5 and 29.5K.
BTC struggles to reclaim red resistance zone.
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