Bitcoin (BTC) fell further after the Sept. 1 Wall Street open as monthly close losses continued to play out.

BTC price “Grayscale hype” disappears

Data from Cointelegraph Markets Pro and TradingView followed weakening BTC price performance, which hit its lowest since Aug. 22.

Bitcoin bears took full advantage of the August monthly close, with downside volatility characterizing Bitcoin and crypto markets overnight.

Overall, BTC/USD lost 11.2% in August, and looking ahead into September, there was little optimism regarding a rebound among market observers.

In his latest YouTube update, popular trader and analyst Rekt Capital delineated Bitcoin’s potential next steps.

BTC price had failed to hold on to gains coming courtesy of “Grayscale hype,” he said, with selling pressure strong and weekly relative strength index (RSI) values dropping toward a key rising trendline.

A cluster of exponential moving averages (EMAs), previously acting as support, were also now flipping to resistance.

“We’ve seen for a very long time, multiple months — over a year now, actually — that this trendline is holding, and if we lose this RSI trendline, we’ll probably see further downside,” Rekt Capital explained.

Targets for a fresh drop lay at various points on the way to $23,000, now Go to Source to See Full Article
Author: William Suberg

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