{"id":13051,"date":"2023-09-01T13:03:03","date_gmt":"2023-09-01T13:03:03","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13051"},"modified":"2023-09-01T13:03:04","modified_gmt":"2023-09-01T13:03:04","slug":"bitcoin-risks-swift-23k-dive-after-btc-price-loses-11-in-august","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13051","title":{"rendered":"Bitcoin risks \u2018swift\u2019 $23K dive after BTC price loses 11% in August"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is headed for a long-term support retest, data suggests, after BTC price action fell into the August monthly close.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>BTC price: Roads point to $23,000<\/h2>\n<p>Reversing gains seen last week, BTC\/USD is back below $26,000 as of Sep. 1, data from Cointelegraph Markets Pro and TradingView shows.<\/p>\n<p>Market participants had seen cause for bullishness into the close, with Bitcoin holding a key long-term trendline and preserving $27,000.<\/p>\n<p>A decision by the United States Securities and Exchange Commission (SEC) to delay a slew of Bitcoin spot price exchange-traded fund (ETF) applications forced a rethink, with Bitcoin shedding $1,000 over just two hourly candles.<\/p>\n<p>Now, observers are concerned that even current levels may fail to hold the market up for long.<\/p>\n<p>\u201cOn-chain data suggests that $BTC lacks strong support below the $25,400 mark,\u201d popular trader Ali told X (formerly Twitter) subscribers. <\/p>\n<p>\u201cIf BTC breaks below this threshold, it could swiftly correct down to $23,340.\u201d<em>UTXO realized price distribution (URPD) annotated chart. Source: Ali\/X<\/em><\/p>\n<p>Ali uploaded a chart of the UTXO realized price distribution (URPD) metric from on-chain analytics firm Glassnode.<\/p>\n<p>This tracks the price at which the current set of transaction outputs was created and functions as a roadmap for likely price support and resistance levels.<\/p>\n<p>A breakdown to $23,000 would not come as a surprise to some, with that target already on the radar for various traders and analysts.<\/p>\n<h2>Bitcoin inches toward key support battleground<\/h2>\n<p>Continuing, on-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC\/USD on daily (D), weekly (W) and even monthly (M) timeframes.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin metric with \u2018100% long hit rate\u2019 predicts $23K BTC price floor<\/em><\/strong><\/p>\n<p>Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.<\/p>\n<p>\u201cIf price moves and holds below $25,350 the W signal will invalidate, however, if support holds above the LL at $24,750 there will be a good foundation to rally from and retest resistance,\u201d part of X commentary explained. <\/p>\n<p>\u201cWe will look to the Monthly candle open for a signal from the Trend Precognition algos to gain insight to whether we can expect an extension of the downtrend or a monthly momentum shift to the upside.\u201d<em>BTC\/USD 1-month chart with Trend Precognition signals. Source: Material Indicators\/X<\/em><\/p>\n<p>Data from CoinGlass meanwhile showed Aug. 31 sparking the largest volume of BTC long liquidations since Bitcoin\u2019s 10% dive earlier in the month.\u00a0<\/p>\n<p>These came in at $41 million, with the cross-crypto total at $108 million \u2014 still far below the daily tally from two weeks prior.<\/p>\n<p><em>Crypto liquidations chart (screenshot). Source: CoinGlass<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-risks-23k-dive-btc-price-loses-11-august\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is headed for a long-term support retest, data suggests, after BTC price action fell into the August monthly close. BTC\/USD 1-hour chart. Source: TradingView BTC price: Roads point to $23,000 Reversing gains seen last week, BTC\/USD is back below $26,000 as of Sep. 1, data from Cointelegraph Markets Pro and TradingView shows. Market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13051"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13051\/revisions"}],"predecessor-version":[{"id":13053,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13051\/revisions\/13053"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13052"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}