Bitcoin Price Falls, Bulls Disappointed as BTC Risks $23K Dive
Bitcoin’s price performance in August has left bulls disappointed, with BTC coming full circle to finish the month on a grim note. The price action suggests that Bitcoin is headed for a long-term support retest as it falls below $26,000. Market participants had hoped for bullishness, but a delay in Bitcoin spot price ETF applications by the SEC caused a sharp decline. On-chain data indicates that BTC lacks strong support below $25,400, and it could correct down to $23,340. Material Indicators also paints a grim picture for BTC/USD in the daily, weekly, and monthly timeframes, emphasizing the need for $24,750 to hold for a potential rebound. August 31 saw a significant volume of BTC long liquidations, further adding to the bearish sentiment.
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