Bitcoin (BTC) bulls can’t take control. Therefore, the possibility of BTC displaying its lowest monthly close since 2020, on August 28, comes to the fore. Here are the details and expectations…
How will Bitcoin close the week and the month?
The data showed that BTC/USD crossed $20,000 within hours until the weekly candle was completed. The pair failed to make up for lost ground over the weekend. Just days after the end of the month, even $20,000 stood vulnerable as support. At the time of writing, Bitcoin is trading around $19,980. That is, below the closing price of June.
On-chain tracking resource Material Indicators has shared bid and demand data from the Binance order book. “It didn’t matter what kind of lines or ripples you had in your graphics,” he then said. He then used the following phrases:
After JPow (Jerome Powell) broke the market on Friday, BTC lost the trend from June lows. The question now is whether these local lows will be held. We don’t see enough buying liquidity to get excited right now.
FED Chairman’s speech affected the markets
Material Indicators was citing hawk comments from Federal Reserve Chairman Jerome Powell. As we reported as Kriptokoin.com, most risky assets lost value on August 26 after Powell’s speeches. Powell’s speech did not signal a halt to future rate hikes. His speech at the annual Jackson Hole economic symposium sent shock waves through the stock markets. U.S. stocks lost a total of $1.25 trillion during the day.
Bitcoin also suffered. Some potential buyers came forward with plans to buy under $20,000. However, the consensus pointed to a deeper downside going forward. Popular trader Anbessa was watching two scenarios during the day. One was a support/resistance exchange to continue higher. The other was a downside break towards $16,000-17,000. Crypto Tony, on the other hand, added in an episode of his latest update, “We need to see a lot before BTC gets bullish.”
This is another way i could count the drop here, which also wouldn't take as long as how my other count plays out
We need to see a lot before this becomes bullish pic.twitter.com/HdFMPCrZha
— Crypto Tony (@CryptoTony__) August 28, 2022
BTC supply, mostly at a loss
Meanwhile, interesting data came from the On-Chain College analysis account. From the account came an incentive sign for on-chain data covering “hodler profitability”. The recent price drop has reduced the ratio of BTC supply to profit. This ratio was now approaching levels seen only in previous macro market lows. “I expected us to enter a full bear market when the percentage of supply in profits in Bitcoin dropped below 50 percent,” On-Chain College said. He said the data rose slightly over 50.28 percent in June. Currently, it announced it is at 51.76 percent. He pointed out that this metric was below 50 percent in the entire previous bear market and in March 2020.
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