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Bitcoin (Bitcoin) posted its worst August performance since 2015 after monthly candlesticks fell 13.9%.
data from Cointelegraph Market Pro When TradingView BTC/USD confirms ending the month at $19,990.
In a blow to bulls’ efforts to stabilize spot prices, August’s close was the second monthly candlestick below $20,000 since late 2020 (depending on which exchange you use).
Holding June’s close as the monthly chart macro low, the performance led traders firmly into bearish territory. Among them was Crypto Tony, who warned that he was poised for more serious losses to come.
His outlook, as he told his Twitter followers on the day, is that he is “leaning towards the macro downside.”
this is my macro #bitcoin now and until we see
– Change in market behavior and macro bullishness (take out $30,000 and make higher highs)
I’m leaning towards the macro dropdown. #Altcoin for swing https://t.co/qz7RAgw4gH
Crypto Tony (@CryptoTony__) September 1, 2022
Caleb Franzen, Senior Market Analyst at Cubic Analytics, added that September’s first weekly candlestick has already pushed Bitcoin into the red.
Bitcoins weekly candle, still early in the week, doesnt look good, he said. warned along with the diagram.
“Long top wicks and sells are objectively a bad omen if they close like this. Especially if they turn into red candles. Something to watch for the rest of the week.”
Others saw a more optimistic impact on monthly earnings.
Popular Twitter account Dave the wave emphasized that the Moving Average Convergence/Divergence (MACD) predicted a drop from local highs above $25,000 and now favors relief for the bulls instead. did.
Further corrections were also predicted based on this indicator [at a time when uber-bullishness dominated on CT].https://t.co/Y6ONHetp80
Dave the Wave (@davthewave) September 1, 2022
Fellow Trader Johal Miles repeated Potentially bullish knock-on effect MACD Cross What since mid-August has nevertheless seen “no more”.
Meanwhile, one on-chain indicator in particular reinforces the feeling that the current BTC price level is for accumulating, not selling.
Related: BTC price top alert as 10K BTC leaves wallet after 9 years
bitcoin Realization Hodl (RHODL) The ratio, which measures the relative value of coins that have moved in recent weeks compared to a year or two ago, is now at an all-time low.
This dubious achievement was brought to the attention of Philip Swift, creator of the on-chain data resource LookIntoBitcoin.
The RHODL ratio is currently at a historic low, indicating that the near-term price paid for $BTC is relatively lower than it was paid a year or two ago. explained.
A convenient way to identify sentiment from actual behavior. Right now the market is bearish Bitcoin.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
