{"id":51556,"date":"2024-09-02T01:29:00","date_gmt":"2024-09-02T01:29:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-drops-8-6-august-september-2-week-low"},"modified":"2024-09-02T07:04:48","modified_gmt":"2024-09-02T07:04:48","slug":"bitcoin-loses-8-6-in-august-as-september-starts-with-fresh-2-week-low","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51556","title":{"rendered":"Bitcoin loses 8.6% in August as September starts with fresh 2-week low"},"content":{"rendered":"

Bitcoin (BTC) shed more than 2% on Sep. 1 as an \u201cout of hours\u201d monthly close turned ugly for bulls.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

BTC price stares down traditionally \u201cred\u201d September<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC price weakness producing lows of $57,230 on Bitstamp \u2014 a level last seen on Aug. 16.<\/p>\n

Coming midway through a weekend, less liquid conditions made for a grim monthly close, with buyers unable to prevent further losses later.<\/p>\n

Bitcoin thus finished August down 8.6%, below its average of 1.75% gains, per data from monitoring resource CoinGlass. Its figures likewise reveal that September is historically a poor month for BTC\/USD, with average losses totaling 4.5%.<\/p>\n

\"\"
BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cLocal level taking a beating, wouldn’t be surprised if it gives way eventually,\u201d popular trader Crypto Chase wrote in part of an X post about short-timeframe market activity.<\/p>\n

\u201cBulls want to see 55.5-56.5K hold or decisive PA above 61K~. Losing 55K likely means 51K~.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT per chart. Source: Crypto Chase\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Fellow trader Exitpump noted \u201caggressive\u201d short selling at the day\u2019s local lows, with the weekly close now hours away.<\/p>\n

\"\"
Binance BTC\/USDT futures market data. Source: Exitpump\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cBitcoin continues to retest the Channel Bottom,\u201d trader and analyst Rekt Capital continued while analyzing the weekly chart.<\/p>\n

\u201cBitcoin needs to Weekly Close above $58450 to confirm the Channel bottom (black) as support. Retest is still in progress.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD 1-week chart. Source: Rekt Capital\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Short squeeze odds target $61,300<\/h2>\n

CoinGlass liquidity data meanwhile furthered the bearish narrative, with price slicing through layer after layer in its journey downward over the last week of August.<\/p>\n

Related: <\/strong><\/em>Bitcoin analysis warns BTC price risks 2023 rerun when stocks shed 10%<\/strong><\/em><\/p>\n

\"\"
BTC liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

Commenting, popular trader CrypNuevo suggested that both upside and downside liquidity hunts could come this week.<\/p>\n

\u201cIn a trading perspective, I’m favoring longs so I’d prefer seeing the move down first to hit the liquidations and fill the wick at $56.6k where I could long,\u201d he wrote in part of an X thread.<\/p>\n

\u201cSo I’m keeping a long order at that $56.6k level on Sunday & Monday in case we see a false move at the start of the week.\u201d<\/p><\/blockquote>\n

CrypNuevo gave the target for a potential upside liquidity grab as $61,300.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) shed more than 2% on Sep. 1 as an \u201cout of hours\u201d monthly close turned ugly for bulls. BTC\/USD 1-hour chart. Source: TradingView BTC price stares down traditionally \u201cred\u201d September Data from Cointelegraph … Bitcoin loses 8.6% in August as September starts with fresh 2-week low<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51559,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin loses 8.6% in August as September starts with fresh 2-week low - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51556\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin loses 8.6% in August as September starts with fresh 2-week low - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) shed more than 2% on Sep. 1 as an \u201cout of hours\u201d monthly close turned ugly for bulls. 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