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  BTC price performance disappoints as Bitcoin comes full circle to finish a grim August for bulls. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) is headed for a long-term support retest, data suggests, after BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action fell into the August monthly close.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/a86d551e4f8fc98140e4d297bd037448.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-hour chart. Source: TradingView</em> 
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 <h2 id="btc-price-roads-point-to-23-000">BTC price: Roads point to $23,000</h2> 
 <p>Reversing gains seen last week, BTC/USD is back below $26,000 as of Sep. 1, data from Cointelegraph Markets Pro and TradingView shows.</p> 
 <p>Market participants had seen cause for bullishness into the close, with Bitcoin holding a key long-term trendline and preserving $27,000.</p> 
 <p>A decision by the United States Securities and Exchange Commission (SEC) to delay a slew of Bitcoin spot price exchange-traded fund (ETF) applications forced a rethink, with Bitcoin shedding $1,000 over just two hourly candles.</p> 
 <p>Now, observers are concerned that even current levels may fail to hold the market up for long.</p> 
 <p>“On-chain data suggests that $BTC lacks strong support below the $25,400 mark,” popular trader Ali told X (formerly Twitter) subscribers. </p> 
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   “If BTC breaks below this threshold, it could swiftly correct down to $23,340.” 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/927bcac663ad288b51de72517805ba4b.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>UTXO realized price distribution (URPD) annotated chart. Source: Ali/X</em> 
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 <p>Ali uploaded a chart of the UTXO realized <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> distribution (URPD) metric from on-chain analytics firm Glassnode.</p> 
 <p>This tracks the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> at which the current set of transaction outputs was created and functions as a roadmap for likely <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> support and resistance levels.</p> 
 <p>A breakdown to $23,000 would not come as a surprise to some, with that target already on the radar for various traders and analysts.</p> 
 <h2 id="bitcoin-inches-toward-key-support-battleground">Bitcoin inches toward key support battleground</h2> 
 <p>Continuing, on-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC/USD on daily (D), weekly (W) and even monthly (M) timeframes.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> floor</em></strong></p> 
 <p>Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.</p> 
 <p>“If <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> moves and holds below $25,350 the W signal will invalidate, however, if support holds above the LL at $24,750 there will be a good foundation to rally from and retest resistance,” part of X commentary explained. </p> 
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   “We will look to the Monthly candle open for a signal from the Trend Precognition algos to gain insight to whether we can expect an extension of the downtrend or a monthly momentum shift to the upside.” 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/ee54f0999b7b69b688980c968c7630d2.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-month chart with Trend Precognition signals. Source: Material Indicators/X</em> 
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 <p>Data from CoinGlass meanwhile showed Aug. 31 sparking the largest volume of BTC long liquidations since Bitcoin’s 10% dive earlier in the month.&nbsp;</p> 
 <p>These came in at $41 million, with the cross-crypto total at $108 million — still far below the daily tally from two weeks prior.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/d3a29e631cf151c5d7fefe0990a75574.webp"> 
  <figcaption style="text-align: center;"> <em>Crypto liquidations chart (screenshot). Source: CoinGlass</em> 
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 <p class="post-content__disclaimer">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> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-risks-swift-23k-dive-after-btc-price-loses-11-in-august-tbt61210.html">https://thebittimes.com/bitcoin-risks-swift-23k-dive-after-btc-price-loses-11-in-august-tbt61210.html</a></p>

Bitcoin risks ‘swift’ $23K dive after BTC price loses 11% in August

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