Bitcoin

Rekt

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null">BTC</a>) shed more than 2% on Sep. 1 as an “out of hours” monthly close turned ugly for bulls.
<figure><img alt="Bitcoin loses 8.6% in August as September starts with fresh 2-week low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ae11-12f8-7132-b9c6-3802d4743019">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-stares-down-traditionally-red-september">BTC price stares down traditionally “red” September</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null">TradingView</a> showed BTC price weakness producing lows of $57,230 on Bitstamp — a level last seen on Aug. 16.
Coming midway through a weekend, less liquid conditions made for a grim monthly close, with buyers unable to prevent further losses later.
Bitcoin thus finished August down 8.6%, below its average of 1.75% gains, per data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="noopener noreferrer nofollow" target="null" text="null">CoinGlass</a>. Its figures likewise reveal that September is historically a poor month for BTC/USD, with average losses totaling 4.5%.
<figure><img alt="Bitcoin loses 8.6% in August as September starts with fresh 2-week low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ae13-b8ff-7eb7-940a-94c978586f05">
 <figcaption style="text-align: center;">
 BTC/USD monthly returns (screenshot). Source: CoinGlass
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“Local level taking a beating, wouldn't be surprised if it gives way eventually,” popular trader Crypto Chase wrote in part of an <a data-ct-non-breakable="null" href="https://x.com/Crypto_Chase/status/1830209044595773769" rel="noopener noreferrer nofollow" target="null" text="null">X post</a> about short-timeframe market activity.
<blockquote>
 “Bulls want to see 55.5-56.5K hold or decisive PA above 61K~. Losing 55K likely means 51K~.”
</blockquote>
 
<figure><img alt="Bitcoin loses 8.6% in August as September starts with fresh 2-week low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ae14-48b2-75a1-b2ae-6dbd9b2ddf30">
 <figcaption style="text-align: center;">
 BTC/USDT per chart. Source: Crypto Chase/X
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</figure>
Fellow trader Exitpump <a data-ct-non-breakable="null" href="https://x.com/exitpumpBTC/status/1830241823467475220" rel="noopener noreferrer nofollow" target="null" text="null">noted</a> “aggressive” short selling at the day’s local lows, with the weekly close now hours away. 
<figure><img alt="Bitcoin loses 8.6% in August as September starts with fresh 2-week low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ae14-b6c3-7a31-a990-1e1195942974">
 <figcaption style="text-align: center;">
 Binance BTC/USDT futures market data. Source: Exitpump/X
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“Bitcoin continues to retest the Channel Bottom,” trader and analyst Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1830178069421674730" rel="noopener noreferrer nofollow" target="null" text="null">continued</a> while analyzing the weekly chart. 
<blockquote>
 “Bitcoin needs to Weekly Close above $58450 to confirm the Channel bottom (black) as support. Retest is still in progress.”
</blockquote>
<figure><img alt="Bitcoin loses 8.6% in August as September starts with fresh 2-week low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ae15-8469-7ae8-b4eb-f6c75c22f1ff">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital/X
 </figcaption>
</figure>
<h2 id="short-squeeze-odds-target-61-300">Short squeeze odds target $61,300</h2>
CoinGlass liquidity data meanwhile furthered the bearish narrative, with price slicing through layer after layer in its journey downward over the last week of August. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysis-warns-btc-price-risks-2023-rerun-stocks" rel="noopener noreferrer nofollow" target="null" text="null">Bitcoin analysis warns BTC price risks 2023 rerun when stocks shed 10%</a>
<figure><img alt="Bitcoin loses 8.6% in August as September starts with fresh 2-week low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ae17-2a6c-7c7b-b89e-1de93d155550">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Commenting, popular trader CrypNuevo suggested that both upside and downside liquidity hunts could come this week.
“In a trading perspective, I'm favoring longs so I'd prefer seeing the move down first to hit the liquidations and fill the wick at $56.6k where I could long,” he <a data-ct-non-breakable="null" href="https://x.com/CrypNuevo/status/1830217473469399362" rel="noopener noreferrer nofollow" target="null" text="null">wrote</a> in part of an X thread.
<blockquote>
 “So I'm keeping a long order at that $56.6k level on Sunday &amp; Monday in case we see a false move at the start of the week.”
</blockquote>
CrypNuevo gave the target for a potential upside liquidity grab as $61,300.
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.

Bitcoin loses 8.6% in August as September starts with fresh 2-week low

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