The probability of a deeper plunge below $20,00 has increased
Data from CointelegraphMarketsPro and TradingView show that a few hours before the completion of the weekly candle, BTC/USD criss-crossed at $20,000.
The two couldn't make up for the lost ground over the weekend, and there were only a few days before the end of the month, and even $20,000 seemed sensitive.
Bitcoin is trading near $19,900, less than its closing price in June.
[It doesn`t matter what kind of lines or curves you have on your graph," on-chain governance resource MaterialIndicators summed up Bids and Asks data for money safe order books over the weekend:
[BTC has lost its June lows downtrend after JPow hit the market on Friday. The question today is whether the lows here have been established. Haven`t seen enough bid liquidity to get excited yet."
Material Indicators refers to Federal Reserve Chairman Jerome's joint rating of risky assets on August 26. Jerome Powell (Jerome Powell) because of hawkish remarks.
Powell's speech at the annual Jackson Hole economic symposium sent a wave of shocks in stocks with no indication that he wants to reduce or reverse future increases in key interest rates. U.S. stocks lost $1.25 trillion on the same day.
While some would-be users have floated plans to buy Bitcoin for less than $20,000, the consensus is focused on further reductions.
Popular trader Anbessa has two scenarios for the day, one where the support/resistance turn continues to rise, and the other is a drop to $16,000-$17,000.
[We have a lot to see before this gets bullish," trader CryptoTony added in part of his latest update.
BTC Supply Lost Nearly 50%
