Bitcoin’s Price Analysis: Grayscale Hype Disappears, September Losses Expected

Bitcoin’s Price Analysis: Grayscale Hype Disappears, September Losses Expected

Bitcoin’s price has fallen below $26,000, erasing all trace of the ‘Grayscale hype’ and indicating limited chance of upside, warns BTC price analysis. In August, BTC/USD lost 11.2%, and market observers are not optimistic about a rebound in September. Popular trader Rekt Capital suggests that if Bitcoin loses the rising trendline of the weekly relative strength index (RSI), further downside can be expected. Targets for a fresh drop lie at various points on the way to $23,000, according to historical norms. However, there is a possibility of a relief rally topping out at $27,200. The strength of the U.S. dollar is also suppressing Bitcoin’s performance, with the dollar index (DXY) retesting June highs and acting as resistance.