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According to data revealed by experts, the movement of the BTC price indicates that Bitcoin could see a long-term support after falling to the August monthly closing. Bitcoin is testing critical support levels, and a break of $23,000 seems to be a possible scenario for some analysts.
BTC Price Points to $23,000
According to data from TradingView, the BTC/USD pair, which reversed its gains seen last week, fell below $26,000 as of September 1. Experts believe that Bitcoin holding an important long-term trend line and maintaining $27,000 was crucial for a rise towards the closing, but this did not happen.
The decision of the U.S. Securities and Exchange Commission to delay a series of Bitcoin spot price exchange-traded fund applications forced investors to rethink as Bitcoin lost $1,000 in just a two-hour candle. Now, observers are concerned that even the current levels may not sustain the market for a long time. With the $27,000 target on the radar for various investors and analysts, a break towards $23,000 would not be surprising for some.
Bitcoin Approaching Key Support
Material Indicators, an on-chain data analysis platform, presented a similarly brutal picture for BTC/USD on daily, weekly, and even monthly timeframes. Using signals from Trend Precognition, one of their proprietary trading tools, Material Indicators advised that Bitcoin price needs to be kept above $24,750 for bulls to have a chance to solidify a recovery.
“If the Bitcoin price falls below $25,350 and stays below, the W signal will be invalidated, but if the support is held above LL at $24,750, it will provide a good foundation for a rally and retesting resistance. We will look at the monthly candle opening to get an idea of whether we can expect the continuation of the downtrend or a monthly momentum shift in the upward direction by receiving a signal from the Trend Precognition algorithm.”
Meanwhile, data from CoinGlass revealed that August 31 resulted in the largest BTC long liquidation volume since the 10% drop at the beginning of the month. The liquidation amounted to $41 million, with a total liquidation of $108 million. However, this figure is still well below the daily liquidation volume two weeks ago.
