Bitcoin Threatens 20-Month Low Monthly Close With BTC Price Below $20,000
Traders are increasingly betting on a deeper dive to the June lows or even beyond, with $20,000 that find it difficult to hold on.
Market Update
Bitcoin (BTC) looked set to match its lowest monthly close since 2020 on August 28 as bulls failed to take control.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD criss-crossing $20,000 with hours to the close of the weekly candle.
The pair hadn't been able to make up for lost ground over the weekend, and with just days to go until the end of the month, even $20,000 looked vulnerable as support.
At the time of writing, Bitcoin was trading near $19,900, below the June close.
BTC/USD 1 Month Candle Chart ( Bitstamp ). Source: TradingView"It doesn't matter what kind of lines or squiggles you had on your charts", the on-chain monitoring resource Materials Indicators summarized over the weekend alongside supply and demand data from Binance's order book.
"After JPow hit the market in the face on Friday, BTC lost trend after the June low. Now the question is whether this local minimum holds. Currently, I don't see enough liquidity from bidding to get me excited."
Buy and Sell Level Chart BTC/USD (Binance). Source: Material Indicators/ TwitterMaterial Indicators referred to August 26
Traders are increasingly betting on a deeper dive to the June lows or even beyond, with $20,000 that find it difficult to hold on.
Market Update
Bitcoin (BTC) looked set to match its lowest monthly close since 2020 on August 28 as bulls failed to take control.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD criss-crossing $20,000 with hours to the close of the weekly candle.
The pair hadn't been able to make up for lost ground over the weekend, and with just days to go until the end of the month, even $20,000 looked vulnerable as support.
At the time of writing, Bitcoin was trading near $19,900, below the June close.
BTC/USD 1 Month Candle Chart ( Bitstamp ). Source: TradingView"It doesn't matter what kind of lines or squiggles you had on your charts", the on-chain monitoring resource Materials Indicators summarized over the weekend alongside supply and demand data from Binance's order book.
"After JPow hit the market in the face on Friday, BTC lost trend after the June low. Now the question is whether this local minimum holds. Currently, I don't see enough liquidity from bidding to get me excited."
Buy and Sell Level Chart BTC/USD (Binance). Source: Material Indicators/ TwitterMaterial Indicators referred to August 26
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