Bitcoin retargeted $60,000 on Aug. 29 after as markets emerged from a fresh bout of impulse selling.

BTC/USD 1-hour chart. Source: TradingView

Binance sheds 45,000 BTC

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s (BTC) price action matched a two-week low of $57,900 on Bitstamp before rebounding.

BTC/USD came under pressure the day prior, with market participants attributing weakness to spot selling on largest global exchange Binance.

Source: MartyParty

The exchange became involved in a controversy involving funds by users in Palestine, with United States trading hours, in particular, seeing a pronounced spike in the sell-off.

Data from monitoring resource CoinGlass recorded a snap 45,000 BTC decrease in Binance’s BTC balance.

Binance BTC balance (screenshot). Source: CoinGlass

Michaël van de Poppe, founder and CEO of trading firm MNTrading, thus predicted a retreat to as low as $56,000, arguing that the loss of the $61,000 mark on lower timeframes was “crucial.”

BTC/USDT 4-hour chart. Source: Michaël van de Poppe

More encouraging signs came from large-volume investors, with analytics platform Lookonchain highlighting a whale buy worth nearly $60 million.

Source: Lookonchain

At around $59,000, research Santiment noted previously, buying the dip was already “just fine” for the whale and shark hodler cohorts.

“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them,” it revealed in part of a post on X.

Bitcoin whale and shark wallet data. Source: Santiment

Bitcoin retests long-term “confluent support”

For popular trader and analyst Rekt Capital, BTC/USD continued a weekly consolidation pattern within a narrowing wedge, looking ripe for a breakout.

“Bitcoin has indeed developed a Higher Low (light blue) and maintained itself above the Weekly level (black; $55737),” he explained alongside a chart on the day.

“More, Bitcoin has since formed a base at an even higher Weekly level (~$58,000) which is acting as confluent support this week. This confluent support is being retested as we speak.”
BTC/USD 1-week chart. Source: Rekt Capital

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.