Bitcoin faces 'endless spot selling' as BTC price dips below $28.7K
Bitcoin (BTC) fell below $28,700 after the Aug. 7 Wall Street open as “endless spot selling” drove BTC price action lower.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning nearer to its August lows after a shaky weekly close.
The start of United States trading offered no signs of relief for bulls after a weekend of sideways behavior, with traders and analysts already predicting a downward outcome once the impasse broke.
Commenting on the situation, popular trader Daan Crypto Trades noted that derivatives trading at a premium over spot placed bulls in an even less advantageous position.
“There being a Perpetual pair premium vs Spot is really never a good sign. Combined with the endless spot selling + choppy price action is not what you want to see. Be careful out there,” he told Twitter followers.
Trading suite Decentrader warned that one of its proprietary trading tools had flipped bearish “across most timeframes,” while earlier, popular trader Crypto Tony said that $29,000 was already weakening as support.
“Losing $29k support. The slow bleed continues as people refuse to see the weakness in the markets,” trading team IncomeSharks added.
#BitcoinLooks likely to retest the green zone below and possible break lower from there.We had the 2 consecutive daily closes below support signaling further downside as likely. pic.twitter.com/TzTtMTvLB2
Bets on a drop into the Aug. 10 U.S. Consumer Price Index (CPI) print were already on the table — something which would constitute, should it play out, classic BTC price action.
Data from monitoring resource CoinGlass put total BTC long liquidations at over $10.5 million on the day. Cross-crypto long liquidations stood at $60 million.
Zooming out to weekly timeframes,
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