Bitcoin price: weekend volatility ‘expected’ with $22K level to hold
Bitcoin (BTC) rose above $23,000 again into Aug. 6 as new analysis predicted a potential surge of 20% or more.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing overnight to once again sit near the top of its established trading range.
After multiple attempts to break out above range resistance at $23,500, the pair appeared still stuck in limbo at the time of writing, but hopes of bullish continuation were already there.
“Expecting more volatility over the wknd,” on-chain monitoring resource Material Indicators wrote in part of its latest Twitter update on Aug. 5.
$28,000 would be over 20% higher than current spot price, and would represent a near two-month high.
Material Indicators included a chart showing the trendline mentioned sitting at $22,000 — around Bitcoin’s current realized price.
The chart further showed bid support increasing immediately below spot, while major resistance lay at $24,500.
Weekend trading traditionally sparks more volatile price action thanks to a lack of liquidity on exchange order books, which are dominated by retail traders while institutions and professionals stay away until the new trading week.
Analyzing the daily chart, meanwhile, popular trading account CROW entertained even higher levels, revealing plans to take profits only at $30,000 as long as Bitcoin continued making higher highs and higher lows.
$BTCKeeping it simpleThe market structure is bullish, and I'll stay bullish as long as we're making Higher Lows and Higher Highs.$30k is my main area of interest to take profit.#Bitcoin pic.twitter.com/LGGyW5whB4
"Weekend is all about range trading due to the fake outs," trader Crypto Tony added.
Turning to on-chain data, PlanB, creator of the Stock-to-Flow family of
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