September ‘crash’ to $22K? — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week struggling with $26,000 as August becomes its worst month of 2023.
BTC price strength remains dubious after a snap crash 10 days ago, with bulls unable to wrestle back control of the market to provide a relief bounce.
The outlook is similarly uncertain, with September traditionally a poorly performing month for Bitcoin, and with the August monthly close just days away, could another downside surprise lie in store?
Macro triggers are again taking a back seat this week, with Personal Consumption Expenditures (PCE) Index data the highlight in what is otherwise a cool week for crypto contagion.
That said, traders and analysts are on their toes, and with no hint of a rebound in sight, many are still braced for worse to come.
Cointelegraph takes a look at the main BTC price performance talking points for the week ahead.
There are no prizes for guessing how Bitcoin ended its latest weekly candle, especially with prior knowledge of previous closes.
Despite holding $26,000 into the close, BTC/USD immediately went downhill after that, wicking to $25,880 before consolidating slightly higher, data from Cointelegraph Markets Pro and TradingView shows.
That marked multiday lows, part of what popular trader Skew forecasted could be pressure from shorters into the new week.
“Shorts continue to stack into the weekend, expecting some kind of move around US Futures open and into Monday EU session,” part of X (formerly Twitter) analysis read.
Skew additionally described weekend BTC behavior as “max pain price action.”
The monthly close was a key topic for market participants, with volatility on the cards after August produced 11% losses.
Keith Alan, co-founder of monitoring resource Material Indicators, predicted a trip
Read more on cointelegraph.com
