{"id":545390,"date":"2023-08-02T07:10:35","date_gmt":"2023-08-02T07:10:35","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=545390"},"modified":"2024-06-11T11:14:23","modified_gmt":"2024-06-11T11:14:23","slug":"why-is-bitcoin-price-up-today-aug-2-2023","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/why-is-bitcoin-price-up-today-aug-2-2023\/","title":{"rendered":"Why Is The Bitcoin And Crypto Market Up Today?"},"content":{"rendered":"

Bitcoin (BTC) saw a significant resurgence over the past few hours after hitting the lowest price since June 21 at $28,641 yesterday. At press time, BTC has experienced a 3.7% hike from its low. In fact, BTC even brushed past the $30,000 mark, indicating a substantial shift in market sentiment. So, the question begs.<\/p>\n

Why Is Bitcoin Up Today?<\/h2>\n

“The entire short build-up of the past couple days just got wiped,” tweeted<\/a> analyst Byzantine General. Data from Coinglass backs this claim and shows that BTC short positions amounting to $27.8 million were liquidated yesterday, followed by an additional $13.45 million today. This accounts for the most significant short liquidation since July 14, undeniably playing a significant role in the current price movement.<\/p>\n

\"BTC
BTC total liquidations | Source: Coinglass<\/a><\/figcaption><\/figure>\n

But perhaps the most influential reason for the sudden shift in market sentiment was MicroStrategy’s recent announcement. The company stated that it will conduct stock sales worth $750 million. After the announcement, the Bitcoin community was abuzz with speculation that Michael Saylor might make additional, gigantic BTC purchases.<\/p>\n

Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators<\/a><\/div>\n

“As with prior programs, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin as well as the repurchase or repayment of our outstanding debt,” said<\/a> Andrew Kang, MicroStrategy’s CFO during a recent earnings call. While it remains unclear if the entire proceeds will be funneled into Bitcoin, the likelihood of a substantial chunk is certain. Directly after this announcement, Bitcoin surged by 1.6% within one hour.<\/p>\n

On-chain analysis firm Santiment tweeted<\/a>: “Bitcoin 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, & this psychological resistance cross may shift sentiment positive.”<\/p>\n

Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says<\/a><\/div>\n

The chart shared by the firm shows that yesterday trading volume picked up steam again, rising to the highest level since six weeks. Also, the lowest amount of profit \/ loss taking in 7 months indicates a capitulation event.<\/p>\n

\"Bitcoin
Bitcoin sentiment shift | Source: Twitter @santimentfeed<\/figcaption><\/figure>\n

Analyst @52Skew added that the Bitcoin on the Binance spot market experienced a \u201creal spot demand\u201d which he wanted to see for a strong price reaction. \u201cNote the limit bid wall that pushed up price; typical with PvP conditions to force limit chasing. Marked notable liquidity on the orderbook,\u201d the analyst stated.<\/p>\n

What’s Next?<\/h2>\n

However, he also cautioned that the 4-hour chart is so far looking like a classic Swing Failure Pattern (SFP) into a higher time-frame support \/ resistance. The Swing Failure Pattern, or SFP, is a type of reversal pattern where traders target stop-losses above a key swing low or below a key swing high to manipulate the price direction by generating enough liquidity.<\/p>\n

\"Bitcoin
Bitcoin SFP pattern? | Source: Twitter @52Skew<\/figcaption><\/figure>\n

Nevertheless, the market appears to be brimming with anticipation. As per @DaanCrypto: “If price starts ranging here I’d look for another sweep of the lows and consolidation there. $28.5 & 29.5K are the areas of interest.” Meanwhile, a break above the resistance zone at the monthly and weekly open between $29,236 and $29,300 would validate a bullish scenario where the price targets $30,000.<\/p>\n

\"Bitcoin
BTC price analysis | Source: Twitter @DaanCrypto<\/figcaption><\/figure>\n

At press time, BTC wasn’t able to reclaim the red resistance zone and was trading at $29,606.<\/p>\n

\"Bitcoin
BTC price below key resistance, 4-hour chart | Source BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Kanchanara \/Unsplash, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) saw a significant resurgence over the past few hours after hitting the lowest price since June 21 at $28,641 yesterday. At press time, BTC has experienced a 3.7% hike from its low. In fact, BTC even brushed past the $30,000 mark, indicating a substantial shift in market sentiment. So, the question begs. Why Is Bitcoin Up Today? “The entire short build-up of the past couple days just got wiped,” tweeted analyst Byzantine General. Data from Coinglass backs this claim and shows that BTC short positions amounting to $27.8 million were liquidated yesterday, followed by an additional $13.45 million today. This accounts for the most significant short liquidation since July 14, undeniably playing a significant role in the current price movement. But perhaps the most influential reason for the sudden shift in market sentiment was MicroStrategy’s recent announcement. The company stated that it will conduct stock sales worth $750 million. After the announcement, the Bitcoin community was abuzz with speculation that Michael Saylor might make additional, gigantic BTC purchases. Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators “As with prior programs, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin as well as the repurchase or repayment of our outstanding debt,” said Andrew Kang, MicroStrategy’s CFO during a recent earnings call. While it remains unclear if the entire proceeds will be funneled into Bitcoin, the likelihood of a substantial chunk is certain. Directly after this announcement, Bitcoin surged by 1.6% within one hour. On-chain analysis firm Santiment tweeted: “Bitcoin 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, & this psychological resistance cross may shift sentiment positive.” Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says The chart shared by the firm shows that yesterday trading volume picked up steam again, rising to the highest level since six weeks. Also, the lowest amount of profit \/ loss taking in 7 months indicates a capitulation event. Analyst @52Skew added that the Bitcoin on the Binance spot market experienced a \u201creal spot demand\u201d which he wanted to see for a strong price reaction. \u201cNote the limit bid wall that pushed up price; typical with PvP conditions to force limit chasing. Marked notable liquidity on the orderbook,\u201d the analyst stated. What’s Next? However, he also cautioned that the 4-hour chart is so far looking like a classic Swing Failure Pattern (SFP) into a higher time-frame support \/ resistance. The Swing Failure Pattern, or SFP, is a type of reversal pattern where traders target stop-losses above a key swing low or below a key swing high to manipulate the price direction by generating enough liquidity. Nevertheless, the market appears to be brimming with anticipation. As per @DaanCrypto: “If price starts ranging here I’d look for another sweep of the lows and consolidation there. $28.5 & 29.5K are the areas of interest.” Meanwhile, a break above the resistance zone at the monthly and weekly open between $29,236 and $29,300 would validate a bullish scenario where the price targets $30,000. At press time, BTC wasn’t able to reclaim the red resistance zone and was trading at $29,606. Featured image from Kanchanara \/Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":545392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,81299,88462,15606],"class_list":["post-545390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-microstrategy","tag-oi","tag-short-squeeze"],"acf":[],"yoast_head":"\nWhy Is The Bitcoin And Crypto Market Up Today?<\/title>\n<meta name=\"description\" content=\"Bitcoin saw a significant resurgence over the past few hours after hitting the lowest price since June 21 at $28,641 yesterday. 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Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/shenyangcang.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is The Bitcoin And Crypto Market Up Today?","url":"http:\/\/shenyangcang.com\/news\/why-is-bitcoin-price-up-today-aug-2-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/why-is-bitcoin-price-up-today-aug-2-2023\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/08\/kanchanara-fvXjpVH0PEk-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/08\/kanchanara-fvXjpVH0PEk-unsplash-1.jpg?fit=1920%2C1277"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","microstrategy","oi","short squeeze"],"dateCreated":"2023-08-02T07:10:35Z","datePublished":"2023-08-02T07:10:35Z","dateModified":"2024-06-11T11:14:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is The Bitcoin And Crypto Market Up Today?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/why-is-bitcoin-price-up-today-aug-2-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/why-is-bitcoin-price-up-today-aug-2-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/kanchanara-fvXjpVH0PEk-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/kanchanara-fvXjpVH0PEk-unsplash-1.jpg?fit=1920%2C1277\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"microstrategy\",\"oi\",\"short squeeze\"],\"dateCreated\":\"2023-08-02T07:10:35Z\",\"datePublished\":\"2023-08-02T07:10:35Z\",\"dateModified\":\"2024-06-11T11:14:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/08\/kanchanara-fvXjpVH0PEk-unsplash-1.jpg?fit=1920%2C1277","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/545390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=545390"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/545390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/545392"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=545390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=545390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=545390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}