Bitcoin analysts express skepticism about BTC price surge as $23K goal becomes more favored.

Bitcoin (BTC) moved towards $27,000 following the opening of Wall Street on August 30, as the implications of digital asset manager Grayscale’s legal success became clearer.

BTC/USD 1-hour chart. Source: TradingView

Low buyer interest in BTC

Data from Cointelegraph Markets Pro and TradingView indicated a reduction in BTC price volatility, which began the previous day when a favorable ruling for Grayscale against U.S. regulators led to a 7.5% increase.

Bitcoin reached $28,143 on Bitstamp — its highest point in nearly two weeks — before retreating to consolidate at lower levels.

Although the daily candle closed above two significant moving averages, these had not yet established themselves as reliable intraday support, prompting caution among analysts.

In a Quicktake post for the on-chain analytics platform CryptoQuant, contributor “MAC_D” noted that the Grayscale development had originated on derivatives exchanges.

Despite funding rates remaining relatively neutral, there was a noticeable lack of authentic buyer interest in spot markets.

“First, examining the ‘Funding Rate’, it is not at an extreme level, so a sharp price correction is not anticipated,” he stated.

“However, it is challenging to observe that the spot exchange led the price increase when BTC rose yesterday. The reason is that the ‘Trading Volume Ratio (Spot VS. Derivative)’ indicates a decrease rather than an increase.”

Bitcoin: Trading volume ratio (spot vs. derivative) chart. Source: CryptoQuant

Further data revealed that trading volumes remained below those recorded during previous upticks in 2023.

“Naturally, there is a tendency for prices to fluctuate significantly even with minimal trading volumes due to the overall decline in liquidity within the cryptocurrency market,” MAC_D continued.

“However, it appears necessary to exercise caution regarding the potential for this rally to lead to a significant surge.”

Bitcoin: Trading volume (spot vs. derivative) chart. Source: CryptoQuant

“Numerous parallels” to Bitcoin’s all-time high

Equally cautious regarding the long-term perspective was well-known trader and analyst Rekt Capital.

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In his latest YouTube update, Rekt Capital proposed that BTC/USD might be exhibiting a similar pattern to that observed in 2021 around its previous all-time high.

While a new BTC price peak is not anticipated at this moment, the recent highs near $31,000 on the weekly chart and the subsequent decline are reminiscent of Bitcoin’s behavior leading into the 2022 bear market.

“We are observing many parallels between the double top of 2021 and the current situation,” he cautioned.

If these parallels materialize and BTC/USD forms a complete fractal, $26,000 could transition from support to resistance, potentially triggering further declines.

“For now, we are witnessing numerous indicators aligning with this scenario,” Rekt Capital reiterated.

BTC/USD annotated chart (screenshot). Source: Rekt Capital/YouTube

Earlier, Cointelegraph reported on potential targets for a BTC price bottom, with $23,000 becoming increasingly significant.

Rekt Capital also highlighted $23,000 as a key level in relation to the 2022 bear market bottoming structure — an inverse head and shoulders pattern.

“That’s the level from which we could see a price rebound,” he added.

This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research before making a decision.