Bitcoin price closed the month of August with a 14% drop


Bitcoin (BTC) closed the month with a 13.9 percent drop, showing its worst August performance since 2015.

Bitcoin price closed the month of August with a 14% drop
1-hour candlestick chart of BTC/USD (Bitstamp). Source: NewsOfFinance

The weekly candle is not looking good

Cointelegraph Markets Pro and NewsOfFinance According to data, BTC / USD parity closed the month of August at $ 19,990.

A major blow to the bulls’ efforts to stabilize the spot price, the monthly close represents one of the two months since late 2020 that has closed below $20,000.

Bitcoin price closed the month of August with a 14% drop
1-month candlestick chart of BTC/USD (Bitstamp). Source: NewsOfFinance

Although the close of June on the monthly chart was preserved as a macro low level, it led investors to expect a slight decrease. One of them, Crypto Tony, warned that the ground was being laid for deeper corrections.

Caleb Franzen, senior market analyst at Cubic Analytics, added that the first weekly candle of September is already set to paint the Bitcoin market even more red.

“Bitcoin’s weekly candle is not looking good, albeit early yet,” he said. stimulus The analyst continued:

“The long top wick and the selling wave is obviously a bad sign if it closes like this, especially if it turns into a red candle. This should be watched for the rest of the week.”

There were also those who saw positive signs in the monthly closing.

Popular Twitter account Dave the wave mentioned that the moving average divergence convergence (MACD) indicator predicted a correction from $25,000, but now, on the contrary, signals relief for the bulls.

Another trader, Johal Miles, said that the MACD cross has the potential to trigger the rise since mid-August, but that it is not sustainable yet. repeated.

Bitcoin price closed the month of August with a 14% drop
BTC/USD monthly returns chart (screenshot). Source: NewsOfFinance

An on-chain indicator shows that the current thing to do is to save, not sell.

of bitcoin Actual Value Hodl (RHODL) rate compares the relative value of coins moved in recent weeks to a year or two ago. This indicator hit an all-time low.

According to Philip Swift, creator of on-chain data source LookIntoBitcoin, this means that short-term prices paid for BTC are relatively low compared to 1-2 years ago. is coming.

“It’s a useful way to detect sensitivity through actual behavior. It shows that the Bitcoin market is pretty bearish right now. Save up.”

Bitcoin price closed the month of August with a 14% drop



Soruce : https://tr.cointelegraph.com/news/bitcoin-price-dips-14-in-august-as-trader-warns-of-macro-drop-down

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