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Bitcoin selling off

Bitcoin Crashes Below 8-Month Support Line, More Pain Incoming?

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

For the first time since early January, Bitcoin is changing hands below a critical support band and the 20-week moving average, evident in the weekly chart.

An analyst on X, formerly Twitter, pointed out this formation and has since raised questions about the coin’s prospects in the days and weeks ahead. Bitcoin is trading at around $26,000, down 18% from July 2023 peak. The situation remains tense for coin holders as the price pressures continue to mount.

BTC Price Dump Below Key Support
BTC Price Dump Below Key on the daily chart. Support: BTCUSDT on TradingView

Bitcoin Breaks Below Critical Support Levels

Looking at price action in the weekly chart, sellers are in control and actively aiming to erase gains posted between June and July 2023. At this pace, it won’t not only mean more pressure on holders but more liquidations for long positions in derivatives exchanges, impacting sentiment and thus lowering overall liquidity across the crypto scene.

Bitcoin price on August 21| BTCUSDT on Binance, TradingView
Bitcoin price on August 21| Source: BTCUSDT on Binance, TradingView
Related Reading: Crypto Market Cap To $145 Trillion: Wall Street Analyst Says XRP Is The Coin To Hold

A deeper analysis of the weekly chart also reveals a noteworthy decrease in trading volumes as last year’s dominant bear price formation came to fruition. This decline in trading volume is particularly concerning and prints after the collapse of several banks in the United States, including the significant Silicon Valley Bank (SVB), in March.

The fallout from these bank collapses triggered the depegging of the USDC, a move that also lifted top coins, including Bitcoin and Ethereum.

The lack of bullish momentum to ignite demand and reverse the losses of 2022, even after the push towards $32,000 in July 2023, could indicate that the market is fragile and bulls are unsure. At the pace of this drawdown, there are looming risks that prices could continue trickling lower in H2 2023, translating to more pain for HODLers.

Blame The Fed and Evergrande?

Analysts attribute this sell-off to a range of fundamental factors. The anticipation of the United States Federal Reserve (Fed) raising interest rates in the coming months creates uncertainty, as it could make borrowing more expensive.

Related Reading: Cardano’s NFT Floor Price Surges, An Unexpected Threat To Ethereum’s Throne?

The Fed could raise interest rates in Q3 and 4 in response to the persistent inflation, which remains high above the benchmark 2% level. With high funding rates, there will be an inevitable impact on the crypto market, altering the risk-reward balance for investors.

Beyond the macroeconomic influences in the United States, the recent Chapter 11 bankruptcy filing by China’s Evergrande Group indirectly affected BTC and crypto. The unfolding events and sentiment shifts, especially within China’s fragile real estate sector, will likely reverberate through the crypto landscape, a net negative for BTC.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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