{"id":332204,"date":"2023-08-02T23:00:57","date_gmt":"2023-08-02T17:30:57","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=332204"},"modified":"2023-08-02T22:52:25","modified_gmt":"2023-08-02T17:22:25","slug":"bitcoin-briefly-tops-30000-but-traders-remain-cautious","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-briefly-tops-30000-but-traders-remain-cautious\/","title":{"rendered":"Bitcoin briefly tops $30,000, but traders remain cautious"},"content":{"rendered":"<ul>\n<li><em>BTC exchanged hands briefly above $30,000 on 1 August.<\/em><\/li>\n<li><em>While accumulation remained underway, key momentum indicators revealed that it was weak.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A surge in Bitcoin [BTC] trading volume caused the leading coin to briefly trade across its $30,000 psychological price level during the intraday trading session on 1 August.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has breached back above $30k once again, with assistance from the many traders who capitulated during the past week of price declines. Volume is rising to kick off August, &amp; this psychological resistance cross may shift sentiment positive. <a href=\"https:\/\/t.co\/CwMGA9yxgF\">https:\/\/t.co\/CwMGA9yxgF<\/a> <a href=\"https:\/\/t.co\/0pGaM6PJSd\">pic.twitter.com\/0pGaM6PJSd<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1686551200463011842?ref_src=twsrc%5Etfw\">August 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-2024<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">According to information from on-chain data provider Santiment, BTC\u2019s trading volume rallied to a six-week high on 1 August. The uptick in trading volume was attributable to the re-entry of traders who had capitulated in the past few weeks when BTC\u2019s value fell.<\/span><\/p>\n<h4><b>Should BTC holders expect more?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">BTC whales took advantage of the coin\u2019s momentary price uptick, data from Santiment showed. On-chain assessment of BTC whale trading activity in the past 24 hours revealed a surge in the count of whale transactions that exceeded $100,000.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per Santiment, BTC recorded 10,050 transactions worth over $100,000 on 1 August. This represented the highest daily count since 26 July.\u00a0<\/span><\/p>\n<figure id=\"attachment_332236\" aria-describedby=\"caption-attachment-332236\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-332236 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.15.14-02-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-332236\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A corresponding increase in whale transactions count when an asset\u2019s price rallies is seen as a bullish signal, as a sustained rally in whale transactions can help drive up the value of that asset.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, the ratio of BTC transaction volume in profit to loss climbed to its daily highest level since 24 July. At press time, this stood at 1.457, suggesting that BTC holders booked more gains on their transactions than they did losses.\u00a0<\/span><\/p>\n<figure id=\"attachment_332237\" aria-describedby=\"caption-attachment-332237\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-332237 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.51-02-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-332237\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Furthermore, the coin\u2019s funding rates across exchanges remained positive. Positive BTC funding rates indicate that longs are paying shorts to maintain their positions. This is typically seen as a bullish signal, as it suggests that there is more buying pressure than selling pressure in the market.<\/span><\/p>\n<figure id=\"attachment_332238\" aria-describedby=\"caption-attachment-332238\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-332238 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-09.16.57-02-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-332238\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Although BTC\u2019s price has since fallen to $29,596 at press time, data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> revealed a 2% uptick in its price in the last 24 hours.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 BTCs today?<\/p>\n<hr \/>\n<h4><b>Continue to proceed with caution<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A look at BTC\u2019s price movements on a 12-hour chart revealed that despite the brief jump in price, most daily traders remained cautious. While accumulation momentum pressure climbed, the positions of key momentum indicators suggested that it was not strong enough.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, the coin\u2019s Relative Strength Index (RSI) rested below its center line at 48.27. Likewise, its Money Flow Index (MFI) was 40.07. With a flatness observed in these indicators at the time of writing, no further price growth can be supported by the ongoing accumulation.\u00a0<\/span><\/p>\n<figure id=\"attachment_332230\" aria-describedby=\"caption-attachment-332230\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55.png\"><img decoding=\"async\" class=\"wp-image-332230 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55.png\" alt=\"\" width=\"2308\" height=\"1174\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55-300x153.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55-1024x521.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55-768x391.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55-1536x781.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-02_09-03-55-2048x1042.png 2048w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-332230\" class=\"wp-caption-text\">Source: BTC\/USDT on Trading View<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>BTC&#8217;s price briefly traded above $30,000 on 1 August as trading volume increased. While accumulation persisted at press time, it might not be enough. <\/p>\n","protected":false},"author":64,"featured_media":332240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,360,66,3,4,20],"tags":[],"class_list":["post-332204","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin briefly tops $30,000, but traders remain cautious - AMBCrypto<\/title>\n<meta name=\"description\" content=\"A surge in Bitcoin\u2019s trading volume caused the leading coin to briefly trade across its $30,000 psychological price level during the...\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-briefly-tops-30000-but-traders-remain-cautious\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin briefly tops $30,000, but traders remain cautious - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"BTC&#039;s price briefly traded above $30,000 on 1 August as trading volume increased. 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