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Bitcoin

Rekt

Spot

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 BTC price strength fails to sustain $29,000 support as the week begins with fresh weakness for Bitcoin. 
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 Bitcoin (BTC) fell below $28,700 after the Aug. 7 Wall Street open as “<a rel="noopener noreferrer nofollow" title="endless" href="https://thebittimes.com/tag/endless.html">endless</a> spot <a rel="noopener noreferrer nofollow" title="selling" href="https://thebittimes.com/tag/selling.html">selling</a>” drove BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action lower. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/07/4c4bb4072393ec062004e380c4ef5f4e.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-hour chart. Source: TradingView 
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 <h2 id="bitcoin-traders-brace-for-losses-as-29-000-support-breaks">Bitcoin traders brace for losses as $29,000 support breaks</h2> 
 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning nearer to its August lows after a shaky weekly close. 
 The start of United States trading offered no signs of relief for bulls after a weekend of sideways behavior, with traders and analysts already predicting a downward outcome once the impasse broke. 
 Commenting on the situation, popular trader Daan Crypto Trades noted that derivatives trading at a premium over spot placed bulls in an even less advantageous position. 
 “There being a Perpetual pair premium vs Spot is really never a good sign. Combined with the <a rel="noopener noreferrer nofollow" title="endless" href="https://thebittimes.com/tag/endless.html">endless</a> spot <a rel="noopener noreferrer nofollow" title="selling" href="https://thebittimes.com/tag/selling.html">selling</a> + choppy <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action is not what you want to see. Be careful out there,” he told Twitter followers. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/07/2636c1d036c566994d8aed0d328038d4.webp"> 
 <figcaption style="text-align: center;"> BTC/USD with perpetual futures basis chart. Source: Daan Crypto Trades/Twitter 
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 Trading suite Decentrader warned that one of its proprietary trading tools had flipped bearish “across most timeframes,” while earlier, popular trader Crypto Tony said that $29,000 was already weakening as support. 
 “Losing $29k support. The slow bleed continues as people refuse to see the weakness in the markets,” trading team IncomeSharks added. 
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 #Bitcoin Looks likely to retest the green zone below and possible break lower from there. We had the 2 consecutive daily closes below support signaling further downside as likely. pic.twitter.com/TzTtMTvLB2— Nebraskangooner (@Nebraskangooner) August 7, 2023 
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 Bets on a drop into the Aug. 10 U.S. Consumer Price Index (CPI) print were already on the table — something which would constitute, should it play out, classic BTC price action. 
 Data from monitoring resource CoinGlass put total BTC long liquidations at over $10.5 million on the day. Cross-crypto long liquidations stood at $60 million. 
 <h2 id="can-btc-price-avoid-a-2023-double-top">Can BTC price avoid a 2023 double top?</h2> 
 Zooming out to weekly timeframes, meanwhile, popular trader and analyst Rekt Capital revealed an interesting showdown in the making for BTC/USD. 
 Related:&nbsp;BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> meets CPI as volatility ‘collapses’ — 5 things to know in Bitcoin this week 
 Weekly candles were in the process of completing a double top formation, he noted in a YouTube update on the day, with confirmation due within the next month. 
 To print the classic M-shaped pattern, however, Bitcoin would need to revisit the area around $26,000 — something which would require violation of multiple key moving averages. 
 These included the 200-week simple moving average (SMA), as well as the 21-week and 50-week exponential moving averages (EMAs). 
 “The thing about this structure overall and generally this region acting as a confluence support region is because we also have two bull market bullish momentum exponential moving averages developing here,” he said about the area between $26,000 and current spot price. 
 That support cluster, Rekt Capital added, could end up being what “really gets in the way” of a double top, and instead allows Bitcoin to print a weekly higher low and continue upward. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/07/30c85cdad0fb336160c9da1763b0daec.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-week chart with 200SMA; 21, 50EMA. Source: TradingView 
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 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. 
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Bitcoin faces 'endless spot selling' as BTC price dips below $28.7K

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