Bitcoin (BTC) is set to equal its lowest monthly close since 2020 on August 28 as the bulls fail to take control.
Chances of deep dive below $20,000 increase
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD crossing $20,000 with hours until the weekly candle closes.
The pair was unable to make up for the ground it lost over the weekend, and in just a few days from the end of the month, $20,000 also appeared weak as support.
At the time of writing, bitcoin was trading near $19,900 – well below its June closing price.
On-Chain Monitoring Resource Content Indicator “It doesn’t matter what kind of lines or squiggles you had on your chart” Abbreviation With Bid and Ask data from Binance order book over the weekend.
“After JPO punched the market on Friday, BTC lost the uptrend from its June lows. The question now is whether the local lows are sustained. Currently there doesn’t appear to be enough bid liquidity to be bullish. has been.”
The material indicators were referring to the risky asset cascade of August 26, which resulted from scathing remarks by United States Federal Reserve Chairman Jerome Powell.
Powell’s speech at the annual Jackson Hole economic symposium sent shock waves through equity markets, with no signs of any desire to reduce or reverse key rate hikes in the future. US stocks lost a combined $1.25 trillion that day.
Bitcoin suffered a phase-out, and while some potential buyers came forward with buying plans below $20,000, the consensus favored moving forward.
Popular merchant was Anbessa look at two scenarios On that day, a support/resistance flip is targeted to continue higher and another break above $16,000-$17,000.
Fellow trader Crypto Tony, on his part, added: “There is a lot we need to see before we can accelerate.” latest update,
BTC supply in losses near 50%
Meanwhile, for the analytics account On-Chain College, a signal of encouragement came from on-chain data covering Hodler profitability.
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The latest price drop reduced the proportion of BTC supply in gains, and this ratio was only now approaching levels seen in previous macro market bottoms.
The On-Chain College commented: “All I can do is wait for the bear market to see bitcoin’s percentage of gains drop below 50%.”
“In June, it jumped a little over 50.28%. At present it is 51.76 per cent. Each prior bear market + March 2020 saw this metric fall below 50%.
As Cointelegraph reported over the weekend, hodlers continue to cold-store the BTC supply with increasing sentiment.
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