Weekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) launches its first full week of September with BTC price action at a crossroads — can $26,000 return?
After a quiet weekend, the dust has settled on last week’s volatility as crypto markets return to “business as usual.”
Bitcoin lingers in familiar territory, but without a trend, traders and analysts remain undecided about its next moves.
There is certainly no shortage of downside BTC price predictions, with $25,000, $24,750 and even $23,000 all becoming popular targets in recent weeks.
On the other hand, Bulls are thought to have a more difficult task in winning back market momentum.
With network fundamentals set to consolidate recent gains of their own and macro markets quiet, the question as to whether September 2023 will be a classic month of single-digit losses for BTC/USD is now a talking point.
Cointelegraph looks at the main factors influencing BTC price action over the coming days.
Bitcoin offered few surprises in out-of-hours weekend trading — a status quo that could continue with United States equities markets only opening on Sep. 5.
For most of the past two days, BTC/USD acted in a tight $200 corridor, data from Cointelegraph Markets Pro and TradingView shows — but modest spikes up and down belied the presence of speculative exchange players.
These were noticed by popular trader Skew, who uploaded order book data showing failed shorts being behind Bitcoin’s brief trips past $26,000.
$BTC
Positions are still getting blown out in $200 price moves on a sunday lol
this small pop was shorts getting blown out or closing at market pic.twitter.com/7ih2KpjEEq
“All it took was someone figuring out where stops were and market buying a few mil in spot then dumping it after forcing out some shorts,” part of additional
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