Bitcoin Falls Further After Wall Street Open as Monthly Close Losses Persist
Summary:
Bitcoin (BTC) faced further decline after the September 1 Wall Street open, with monthly close losses continuing to impact its performance. BTC hit its lowest level since August 22, and market observers remain pessimistic about a potential rebound in September. Traders anticipate a drop to $23,000, while a relief rally could reach up to $27,200. The strengthening of the U.S. dollar also affected Bitcoin's performance.
Bitcoin (BTC) experienced further decline after the opening of Wall Street on September 1, as the losses from the monthly close continued to impact its performance. The price of BTC hit its lowest level since August 22, causing concerns among market observers for a potential rebound. Despite the initial gains driven by the "Grayscale hype," BTC failed to sustain its momentum due to strong selling pressure and a drop in weekly relative strength index (RSI) values. Traders now anticipate a potential drop to $23,000, with September losses predicted to fall within the range of 7% to 13% based on historical data. If a relief rally occurs, it could top out at the $27,200 mark, which previously acted as support. Bitcoin's performance was also affected by the strengthening of the U.S. dollar, which reached above 104 on the U.S. dollar index (DXY), continuing its upward trend since mid-July. The role of DXY strength in suppressing BTC price remains a topic of debate among market participants.
Published At
9/1/2023 3:40:12 PM
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