![\"Chart](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Chart-1-Aug-9.png\")
<\/p>\nBitcoin price dipped to $28,750 on Monday, August 7, and most traders thought that was it and that the price had finally broken the support at $29k for the last time, ready to spiral down. However, the price suddenly shot up again after sinking to this one-week low level.<\/p>\n
Initially, it seemed like it would stop at $29,250, as this level stopped its progression on early Tuesday, but as the day progressed, the price unexpectedly broke the resistance, surging up.<\/p>\n
Its next big obstacle was $29,500, which also gave Bitcoin some trouble in the second half of the day. However, after a brief rejection, the coin broke through, surprising traders for the second time in 24 hours.<\/p>\n
The biggest surprise came when BTC returned to $30k for the first time in over two weeks. The coin also managed to breach this resistance, reaching its highest point at $30,144 in the final hours of the day. However, the opposition did not really break, and Bitcoin’s price was rejected down to $29.7k, but even so, it has seen a daily increase of over 2.30%.<\/p>\n
Today, Bitcoin sits at $29,812, and it appears it is starting another climb, although this one seems slower, steadier, and more genuine.<\/p>\n
Many analysts believe that the BTC price is trying to use its support level within the fork structure to start a new bullish rally — 9 months ahead of the halving. More than that, the market sentiment seems optimistic, with some expecting the coin to return to the $31k range in the next few days, assuming that the supports don’t break in the meantime.<\/p>\n
<\/p>\n
This suggests that Bitcoin will first try to ensure the supports are holding steady before it tries to venture further up. However, if the supports break, the price will drop to $28,460 and then $26,500.<\/p>\n
As for moving forward, the coin will first have to break a resistance at $29.9k, followed by the one at $30.5k. Assuming it manages to do so, it can head back up to $31k.<\/p>\n
![\"Chart](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Chart-2-Aug-9.png\")
<\/p>\n
Bitcoin’s new price surge came unexpectedly and without warning, but it appears to have been caused by the excitement regarding Bitcoin spot ETFs. The SEC has yet to decide, but many seem convinced that this time will be when the regulator finally approves one or more ETF applications.<\/p>\n
\n#BTC<\/a> has rebounded straight into ~$30,000<\/p>\n
Last week & even in late April, $BTC<\/a> was able to do the same but ended as an upside wick<\/p>\n
Which is why a Weekly Close above ~$29250 is so important to show that seller pressure in this ~$29900-$30100 is getting weaker#Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/t26zlUBJLX<\/a> pic.twitter.com\/99Uer547JZ<\/a><\/p>\n
— Rekt Capital (@rektcapital) August 8, 2023<\/a><\/p><\/blockquote>\n