{"id":13072,"date":"2023-09-03T01:20:18","date_gmt":"2023-09-03T01:20:18","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13072"},"modified":"2023-09-03T01:20:19","modified_gmt":"2023-09-03T01:20:19","slug":"bitcoin-lines-up-rsi-showdown-as-btc-price-slips-toward-new-2-week-low","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13072","title":{"rendered":"Bitcoin lines up RSI showdown as BTC price slips toward new 2-week low"},"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) fell further after the Sept. 1 Wall Street open as monthly close losses continued to play out.<\/p>\n<p><em>BTC\/USD 1-day chart. Source: TradingView<\/em><\/p>\n<h2>BTC price \u201cGrayscale hype\u201d disappears<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed weakening BTC price performance, which hit its lowest since Aug. 22.<\/p>\n<p>Bitcoin bears took full advantage of the August monthly close, with downside volatility characterizing Bitcoin and crypto markets overnight.<\/p>\n<p>Overall, BTC\/USD lost 11.2% in August, and looking ahead into September, there was little optimism regarding a rebound among market observers.<\/p>\n<p>In his latest YouTube update, popular trader and analyst Rekt Capital delineated Bitcoin\u2019s potential next steps.<\/p>\n<p>BTC price had failed to hold on to gains coming courtesy of \u201cGrayscale hype,\u201d he said, with selling pressure strong and weekly relative strength index (RSI) values dropping toward a key rising trendline.<\/p>\n<p>A cluster of exponential moving averages (EMAs), previously acting as support, were also now flipping to resistance.<\/p>\n<p>\u201cWe\u2019ve seen for a very long time, multiple months \u2014 over a year now, actually \u2014 that this trendline is holding, and if we lose this RSI trendline, we\u2019ll probably see further downside,\u201d Rekt Capital explained. <\/p>\n<p><em>BTC\/USD annotated chart with RSI data. Source: Rekt Capital\/YouTube<\/em><\/p>\n<p>Targets for a fresh drop lay at various points on the way to $23,000, now a favorite among traders.<\/p>\n<p>\u201cSomewhere between 7% and 13% should be reasonable\u201d for September losses based on historical norms, he added, referencing data from on-chain monitoring resource CoinGlass.<\/p>\n<p><em>BTC\/USD monthly returns chart (screenshot). Source: CoinGlass<\/em><\/p>\n<p>Should a relief rally occur, Rekt Capital continued, this could top out at $27,200 \u2014 a line in the sand that used to act as support.\u00a0<\/p>\n<h2>U.S. dollar strength retests June highs<\/h2>\n<p>Bitcoin\u2019s performance was not helped by a second day of solid upside for U.S. dollar strength.<\/p>\n<p><strong><em>Related:\u00a0Why is the crypto market down today?<\/em><\/strong><\/p>\n<p>The U.S. Dollar Index (DXY) was above 104 at the time of writing, having made up for recent losses and apt to continue an uptrend that began in mid-July.<\/p>\n<p>A previous local high in June acted as resistance upon a retest in August, with this now the level of interest.<\/p>\n<p>Market participants are split over the current role of the DXY\u2019s strength in suppressing BTC price, with an inverse correlation between them repeatedly challenged over the past year.<\/p>\n<p><em>U.S. dollar index (DXY) 1-day chart. Source: TradingView<\/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-rsi-showdown-btc-price-new-2-week-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell further after the Sept. 1 Wall Street open as monthly close losses continued to play out. BTC\/USD 1-day chart. Source: TradingView BTC price \u201cGrayscale hype\u201d disappears Data from Cointelegraph Markets Pro and TradingView followed weakening BTC price performance, which hit its lowest since Aug. 22. Bitcoin bears took full advantage of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13072","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\/13072","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=13072"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13072\/revisions"}],"predecessor-version":[{"id":13074,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13072\/revisions\/13074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13073"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}