{"id":429103,"date":"2023-08-12T09:37:39","date_gmt":"2023-08-12T09:37:39","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=429103"},"modified":"2024-05-02T10:26:28","modified_gmt":"2024-05-02T10:26:28","slug":"bitcoins-dominance-tested-btc-drops-to-29300-threshold-analysts-discuss-its-next-chapter","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoins-dominance-tested-btc-drops-to-29300-threshold-analysts-discuss-its-next-chapter","title":{"rendered":"Bitcoin&#8217;s Dominance Tested: BTC Drops to $29,300 Threshold \u2013 Analysts Discuss Its Next Chapter"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Bitcoin (BTC) has been stuck within a tight range between $29,000 and $30,000 over the last few days as price volatility has decreased. However, the technical setup reveals a possible bullish move soon.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">At press time, the big crypto is trading at $29,791, down 0.1% over the last 24 hours. With a $9.67 billion daily trading volume, Bitcoin boasts $571.4 billion in market capitalization, reinforcing its top position on the <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap ranking<\/a>.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, <a href=\"https:\/\/insidebitcoins.com\/news\/bitcoins-market-dominance-surpasses-50-after-years-adoption-continues-amidst-regulatory-challenges\">Bitcoin market dominance<\/a> is being tested as it remains flat at around 48.75%, a level it has maintained over the last month.&nbsp;<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Bitcoin Bulls Must Reclaim $30k to Secure Upside<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/insidebitcoins.com\/cryptocurrency-price\/bitcoin-price#:~:text=While%20the%20market%20is%20still,at%20the%20time%20of%20writing.\">BTC price<\/a> is a new battleground as buyers and sellers fight for control above the $29,300 level. One Bitcoin analyst on X (formerly Twitter) observed this horizontal movement in the price falling below a critical support level that BTC needs to reclaim.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> All the levels I'm watching.<\/p>\n<p>Pretty clear that the $29.5-29.7K region is an area that's strongly contested by the bulls and bears. <\/p>\n<p>It's an important area to keep watching. <a href=\"https:\/\/t.co\/XgYLth26d0\">pic.twitter.com\/XgYLth26d0<\/a><\/p>\n<p>&mdash; Daan Crypto Trades (@DaanCrypto) <a href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1689923709287411712?ref_src=twsrc%5Etfw\">August 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">This is the culmination of the price oscillating around the current level, making the midpoint the group to watch next. The sideways price movement has persisted since mid-June, with the pioneer cryptocurrency trading between the $28,500 support and $31,800 resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">As seen on the daily chart below, the price volatility has decreased as BTC nears a breakout. This is evidenced by the narrowing of the Bollinger Bands (BB) as the price consolidates above the middle boundary of the BB at $29,593. Note that as the Bollinger Bands continue squeezing toward each other, the possibility of a breakout in either direction increases.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The flattening SMAs also support the decreasing price volatility. The Relative Strength Index (RSI) position at 50 also suggested that the buying and selling pressure was balancing out.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It remains unknown which direction <a href=\"https:\/\/insidebitcoins.com\/\">Bitcoin pric<\/a>e will take, considering the neutral conditions prevailing in the market.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>BTC\/USD Daily Chart<\/b><\/span><\/p>\n<figure id=\"attachment_429104\" aria-describedby=\"caption-attachment-429104\" style=\"width: 2280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12.png\"><img decoding=\"async\" class=\"wp-image-429104 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12.png\" alt=\"Bitcoin Price Chart - August 12\" width=\"2280\" height=\"1332\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12.png 2280w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12-300x175.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12-1024x598.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12-240x140.png 240w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12-768x449.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12-1536x897.png 1536w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-Chart-August-12-2048x1196.png 2048w\" sizes=\"(max-width: 2280px) 100vw, 2280px\"><\/a><figcaption id=\"caption-attachment-429104\" class=\"wp-caption-text\"><a href=\"https:\/\/www.tradingview.com\/chart\/tqwIrUI6\/\" target=\"_blank\" rel=\"noopener\">TradingView Chart: BTC\/USD<\/a><\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">However, traders seeking to <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-bitcoin\">buy Bitcoin<\/a> may want to wait until the price breaks and holds sustainably above the $30,000 level. Note that this is a fundamental level as it is embraced by the 50-day Simple Moving Average (SMA), the Bollinger Band&rsquo;s upper boundary, and the descending trendline.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Such a move would mean that the ongoing downtrend has ended and that the <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-bitcoin\/prepaid-card\">Bitcoin price i<\/a>s poised to rally not just to $32,000 but toward $40,000. This would represent a 34% uptick from the current price.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This positive outlook was supported by insights from an X user, Captain Faibik, who said BTC&rsquo;s uptrend will continue. He posted a chart showing the Bitcoin price breaking out from a falling wedge setting the upside target at $33,000.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Upward trend Continues with a Breakout from a Falling Wedge and ongoing Retest.<\/p>\n<p> A Successful retest could lead to a bullish run towards 33k. <\/p>\n<p>If the Daily Candle Closes Under 29k, a Retest of 26k Support might Occur.<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/t.co\/2UPJSo71sh\">pic.twitter.com\/2UPJSo71sh<\/a><\/p>\n<p>&mdash; Captain Faibik (@CryptoFaibik) <a href=\"https:\/\/twitter.com\/CryptoFaibik\/status\/1689876893183668224?ref_src=twsrc%5Etfw\">August 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">On the longer timeframe, crypto trader and analyst Rekt Capital is bullish on Bitcoin, saying that the digital asset is in a &ldquo;macro uptrend&rdquo; that will eventually take &ldquo;BTC to new all-time highs.&rdquo;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Let's not forget <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> is in a new macro uptrend<\/p>\n<p>Yes, there will still be corrections<\/p>\n<p>But over time, the macro uptrend will take BTC to new All Time Highs<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/c9eDG2vqU7\">pic.twitter.com\/c9eDG2vqU7<\/a><\/p>\n<p>&mdash; Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1689926690909085696?ref_src=twsrc%5Etfw\">August 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p5\"><span class=\"s4\">On the downside, a daily candlestick close below the lower band of the BB will confirm a downward move, with the 100-day SMA at $28,663 providing the first line of defense. Other key levels to watch are the 200-day SMA at $27,226 and the $26,000 psychological level.&nbsp;<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">BTC Alternatives<\/span><\/h2>\n<p><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-1500x500-1.jpeg\"><img decoding=\"async\" class=\"aligncenter wp-image-429105 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-1500x500-1.jpeg\" alt=\"XRP20 1500x500\" width=\"1500\" height=\"500\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-1500x500-1.jpeg 1500w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-1500x500-1-300x100.jpeg 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-1500x500-1-1024x341.jpeg 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-1500x500-1-768x256.jpeg 768w\" sizes=\"(max-width: 1500px) 100vw, 1500px\"><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">Amidst the neutrality surrounding the potential of BTC prices to surge, a <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/best-new-cryptocurrency\"><span class=\"s5\">new cryptocurrency<\/span><\/a> has entered the market. <a href=\"https:\/\/insidebitcoins.com\/visit\/xrp20\" rel=\"nofollow\"><span class=\"s5\">XRP20<\/span><\/a> has emerged as an innovative Ethereum-based ERC20 token that has captured investor attention.&nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">With its current valuation at $0.000092, XRP20 distinguishes itself through unique attributes and the potential for substantial gains, drawing inspiration from Ripple (XRP).&nbsp;<\/span><\/p>\n<p>https:\/\/twitter.com\/XRP20AMA\/status\/1689622530053578753?s=20<\/p>\n<p class=\"p1\"><span class=\"s1\">Separating itself from the array of XRP &lsquo;2.0 versions,&rsquo; XRP20 redefines utility within the XRP domain by introducing a pioneering staking mechanism. Purposefully designed to reward token holders generously, this mechanism has garnered interest from XRP enthusiasts and the broader cryptocurrency community. It presents opportunities for passive income generation and<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">XRP20&rsquo;s token economics closely resemble the original XRP, featuring a fixed supply of 100 billion tokens. This distribution includes 40% allocated to public presale engagement, another 40% dedicated to staking, 10% permanently burned to increase scarcity, and a final 10% earmarked for the initial DEX liquidity pool. \\<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-429110\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1.png\" alt=\"XRP20 Tokenomics\" width=\"2142\" height=\"661\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1.png 2142w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1-300x93.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1-1024x316.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1-768x237.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1-1536x474.png 1536w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/XRP20-Tokenomics-1-2048x632.png 2048w\" sizes=\"(max-width: 2142px) 100vw, 2142px\"><\/p>\n<p class=\"p1\"><span class=\"s1\">While staking assumes a prominent role, the potential for real-world applications further enriches XRP20&rsquo;s investment potential as the project develops.<\/span><\/p>\n<p class=\"p6\"><span class=\"s4\">XRP20 is currently in presale and has already amassed a remarkable $2.163 million, presenting an enticing chance for substantial gains. Interested buyers can <a href=\"https:\/\/insidebitcoins.com\/visit\/xrp20\" rel=\"nofollow\"><span class=\"s6\">visit the XRP20 platform<\/span><\/a>, connect <\/span><span class=\"s7\">their wallets, and purchase using Ethereum (<a href=\"https:\/\/insidebitcoins.com\/news\/ethereum-eth-price-prediction-can-the-smart-contract-pioneer-plunge-with-xrp20-on-the-rise\"><span class=\"s8\">ETH<\/span><\/a>) or USDT.<\/span><\/p>\n<h3 class=\"p7\"><span class=\"s1\">Related News<\/span><\/h3>\n<ul class=\"ul1\">\n<li class=\"li8\"><span class=\"s9\"><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\"><span class=\"s10\">How to Buy Cryptocurrency<\/span><\/a><\/span><\/li>\n<li class=\"li8\"><span class=\"s11\"><a href=\"https:\/\/insidebitcoins.com\/news\/how-to-buy-xrp20-presale-guide-alessandro-de-crypto-reviews-the-new-xrp\"><span class=\"s10\">How To Buy XRP20 Presale Guide &ndash; Alessandro De Crypto Reviews&rsquo; The New XRP&rsquo;<\/span><\/a><\/span><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - 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However, the <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1850,"featured_media":427000,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-429103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s Dominance Tested: BTC Drops to $29,300 Threshold \u2013 Analysts Discuss Its Next Chapter<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has been stuck within a tight range between $29,000 and $30,000 over the last few days as price volatility has decreased. 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