Bitcoin suffers as bulls fail to take control. BTC is close to going under $20,000, with traders betting on a deeper dive to June’s lows.
The pair had been unable to make up for lost ground over the weekend, and just days from the end of the month, even $20,000 appeared vulnerable as support.BTC/USD 1-month candle chart . Source: TradingView
“It didn’t matter what kind of lines or squiggles you had on your charts,” on-chain monitoring resource Material Indicators“After JPow punched the market in the face on Friday, BTC lost the trend coming off the June low. Now the question is whether that local low holds. Currently not seeing enough bid liquidity to get excited.”Material Indicators was referring to the Aug. 26, which resulted from hawkish comments by Jerome Powell, Chair of the United States Federal Reserve.
With no sign of a desire to curtail or reverse key rate hikes in the future, Powell’s speech at the annual Jackson Hole economic symposium sent shockwaves through equities markets. United States stocks lost aBitcoin suffered in step, and while some potential buyers came forward with plans to buy below $20,000, consensus favored a deeper downside going forward.on the day, one involving a support/ resistance flip to continue higher and another targeting a breakdown to $16,000-$17,000.
“I’ve been waiting all bear market for the Bitcoin Percent of Supply in Profit to drop below 50%,” On-Chain College commented: “In June, it bounced just above at 50.28%. Currently, it’s at 51.76%. This metric dropped below 50% in every prior bear market + March 2020.”As Cointelegraph reported over the weekend, hodlersThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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