Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K
Bitcoin stages a recovery toward a key resistance but fails to break through, and BTC price action is giving some cause for optimism. Bitcoin (BTC) recovered above $29,000 on Aug. 8 as one trader eyed a potential breakout already underway. BTC/USD 1-hour chart. Source: TradingView BTC price teases falling wedge breakout Data from Cointelegraph Markets Pro and TradingView followed a modest BTC price rebound after it set local lows of $28,670. Still in a tight range, Bitcoin largely followed United States equities during the Aug. 7 Wall Street trading session. Despite a lack of enduring momentum in either direction, market participants looked for signals that a return of some sort of trend could already be here. For popular trader Jelle, these took the form of a potential falling wedge breakout on daily timeframes. “This current formation has a target of $32,000. Can it break the key resistance?” he queried in part of the day’s Analysis . The wedge in question began at the start of Ju...