Bitcoin threatens 20-month low monthly close with BTC price under $20K

cointelegraph.com:

Bitcoin (BTC) looked set to equal its lowest monthly close since 2020 on Aug. 28 as bulls failed to take control.

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

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.

At the time of writing, Bitcoin traded near $19,900 — below June’s closing price.

“It didn't matter what kind of lines or squiggles you had on your charts,” on-chain monitoring resource Material Indicators summarized over the weekend alongside bid and ask data from the Binance order book.

Material Indicators was referring to the Aug. 26 risk asset cascade which resulted from hawkish comments by Jerome Powell, Chair of the United States Federal Reserve.

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

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

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

“We need to see a lot before this becomes bullish,” fellow trader Crypto Tony added in part of his latest update.

For analytics account On-Chain College, meanwhile, a sign of encouragement came from on-chain data covering hodler profitability.

Related: Bitcoin risks worst August since 2015 as hodlers brace for 'Septembear'

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