Bitcoin Price Drops 14% in August as Trader Warns of 'Macro Dip'
Bias Trends To Ever Lower Levels For Bitcoin After BTC Price Performance Fails To Preserve $20,000 At the August closing.
Market Update
Bitcoin (BTC) sealed its worst August performance since 2015 after closing the 13.9% monthly candle.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirm that BTC/USD ended the month at $19,990.
A blow to the bulls' efforts to stabilize the spot price, the August close was only the second monthly candle below $20,000 (depending on the exchange used) since late 2020.
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BTC/USD 1 Month Candle Chart ( Bitstamp ). Source: TradingViewWhile preserving the June close as a macro macro on the monthly chart, the performance drove traders into firmly bearish territory. Among them was Crypto Tony, who warned that the stage was set for bigger losses in the future.
His take, he told his Twitter followers that day, saw him "leaning towards a macro dropdown".
This is my macro on #Bitcoin currently and until we see
- A change in market behavior and going macro bullish (remove $30,000 and put a higher)
I'm leaning towards a drop-down macro, which I'll be looking to integrate into #Altcoins for swings https://t.co/qz7RAgw4gH
— Crypto Tony (@CryptoTony__) September 1, 2022
Bias Trends To Ever Lower Levels For Bitcoin After BTC Price Performance Fails To Preserve $20,000 At the August closing.
Market Update
Bitcoin (BTC) sealed its worst August performance since 2015 after closing the 13.9% monthly candle.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirm that BTC/USD ended the month at $19,990.
A blow to the bulls' efforts to stabilize the spot price, the August close was only the second monthly candle below $20,000 (depending on the exchange used) since late 2020.
>BTC/USD 1 Month Candle Chart ( Bitstamp ). Source: TradingViewWhile preserving the June close as a macro macro on the monthly chart, the performance drove traders into firmly bearish territory. Among them was Crypto Tony, who warned that the stage was set for bigger losses in the future.
His take, he told his Twitter followers that day, saw him "leaning towards a macro dropdown".
This is my macro on #Bitcoin currently and until we see
- A change in market behavior and going macro bullish (remove $30,000 and put a higher)
I'm leaning towards a drop-down macro, which I'll be looking to integrate into #Altcoins for swings https://t.co/qz7RAgw4gH
— Crypto Tony (@CryptoTony__) September 1, 2022What's Your Reaction?
