{"id":27334,"date":"2022-08-28T16:31:34","date_gmt":"2022-08-28T16:31:34","guid":{"rendered":"http:\/\/egrowonline.com\/?p=27334"},"modified":"2022-08-28T16:31:34","modified_gmt":"2022-08-28T16:31:34","slug":"bitcoin-threatens-20-month-low-monthly-close-with-btc-price-under-20k","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=27334","title":{"rendered":"Bitcoin threatens 20-month low monthly close with BTC price under $20K"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) looked set to equal its lowest monthly close since 2020 on Aug. 28 as bulls failed to take control.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Odds stack up for a deeper dive below $20,00<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD criss-crossing $20,000 with hours until the weekly candle completed.<\/p>\n

The pair had been unable to make up for lost ground over the weekend, and just days from the end of the month, even $20,000 appeared vulnerable as support.<\/p>\n

At the time of writing, Bitcoin traded near $19,900 \u2014 below June\u2019s closing price.<\/p>\n

BTC\/USD 1-month candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cIt didn’t matter what kind of lines or squiggles you had on your charts,\u201d on-chain monitoring resource Material Indicators summarized<\/a> over the weekend alongside bid and ask data from the Binance order book. <\/p>\n

\u201cAfter JPow punched the market in the face on Friday, BTC lost the trend coming off the June low. Now the question is whether that local low holds. Currently not seeing enough bid liquidity to get excited.\u201d<\/p><\/blockquote>\n

BTC\/USD buy and sell levels chart (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n

Material Indicators was referring to the Aug. 26 risk asset cascade<\/a> which resulted from hawkish comments by Jerome Powell, Chair of the United States Federal Reserve. <\/p>\n

With no sign of a desire to curtail or reverse key rate hikes in future, Powell\u2019s speech at the annual Jackson Hole economic symposium sent shockwaves through equities markets. U.S. stocks lost a combined $1.25 trillion<\/a> on the day.<\/p>\n

Bitcoin suffered in step, and while some potential buyers came forward with plans to buy below $20,000, consensus favored deeper downside going forward.<\/p>\n

Popular trader Anbessa was eyeing two scenarios<\/a> on the day, one involving a support\/ resistance flip to continue higher and another targeting a breakdown to $16,000-$17,000.<\/p>\n

\u201cWe need to see a lot before this becomes bullish,\u201d fellow trader Crypto Tony added in part of his latest update<\/a>.<\/p>\n

BTC supply held at a loss nears 50%<\/h2>\n

For analytics account On-Chain College, meanwhile, a sign of encouragement came from on-chain data covering hodler profitability.<\/p>\n

Related: Bitcoin risks worst August since 2015 as hodlers brace for ‘Septembear’<\/a><\/em><\/strong><\/p>\n

The latest price drop decreased the proportion of the BTC supply in profit, and that proportion was now approaching levels only seen in previous macro market bottoms.<\/p>\n

\u201cI’ve been waiting all bear market for the Bitcoin Percent of Supply in Profit to drop below 50%,\u201d On-Chain College commented.<\/p>\n

\u201cIn June, it bounced just above at 50.28%. Currently, it’s at 51.76%. This metric dropped below 50% in every prior bear market + March 2020.\u201d<\/p><\/blockquote>\n

Bitcoin percent supply in profit chart. Source: On-Chain College\/ Twitter<\/em><\/figcaption><\/figure>\n

As Cointelegraph reported<\/a> at the weekend, hodlers continue to cold-store the BTC supply with increasing conviction.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) looked set to equal its lowest monthly close since 2020 on Aug. 28 as bulls failed to take control. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Odds stack up for a deeper dive below $20,00 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD criss-crossing $20,000 with hours until the weekly candle completed. […]<\/p>\n","protected":false},"author":1,"featured_media":27335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[8526,10762,50,194,752,6997,195,3303],"class_list":["post-27334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-20k","tag-20month","tag-bitcoin","tag-btc","tag-close","tag-monthly","tag-price","tag-threatens"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvMDI3NzUxMWMtYTE2OC00OTUzLTg3NzUtOGI4MmU1NTZiNTA1LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27334"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27334\/revisions"}],"predecessor-version":[{"id":27336,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27334\/revisions\/27336"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/27335"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27334"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}