Bitcoin

Rekt

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  Bitcoin erases all trace of “Grayscale hype,” with September offering a trip below $26,000 and limited chance of upside, BTC price analysis warns. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) fell further after the Sept. 1 Wall Street open as monthly close losses continued to play out.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/6b177f111c3efc67030cae0241a373c1.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-day chart. Source: TradingView</em> 
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 <h2 id="btc-price-grayscale-hype-disappears">BTC price “Grayscale hype” disappears</h2> 
 <p>Data from Cointelegraph Markets Pro and TradingView followed weakening BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> performance, which hit its lowest since Aug. 22.</p> 
 <p>Bitcoin bears took full advantage of the August monthly close, with downside volatility characterizing Bitcoin and crypto markets overnight.</p> 
 <p>Overall, BTC/USD lost 11.2% in August, and looking ahead into September, there was little optimism regarding a rebound among market observers.</p> 
 <p>In his latest YouTube update, popular trader and analyst Rekt Capital delineated Bitcoin’s potential next steps.</p> 
 <p>BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> had failed to hold on to gains coming courtesy of “Grayscale hype,” he said, with selling pressure strong and weekly relative strength index (RSI) values dropping toward a key rising trendline.</p> 
 <p>A cluster of exponential moving averages (EMAs), previously acting as support, were also now flipping to resistance.</p> 
 <p>“We’ve seen for a very long time, multiple months — over a year now, actually — that this trendline is holding, and if we lose this RSI trendline, we’ll probably see further downside,” Rekt Capital explained. </p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/4c19e8be565da3c289c876652ef4b20d.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart with RSI data. Source: Rekt Capital/YouTube</em> 
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 <p>Targets for a fresh drop lay at various points on the way to $23,000, now a favorite among traders.</p> 
 <p>“Somewhere between 7% and 13% should be reasonable” for September losses based on historical norms, he added, referencing data from on-chain monitoring resource CoinGlass.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/01560030411e95b5b653bad16a86005f.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD monthly returns chart (screenshot). Source: CoinGlass</em> 
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 <p>Should a relief rally occur, Rekt Capital continued, this could top out at $27,200 — a line in the sand that used to act as support.&nbsp;</p> 
 <h2 id="u-s-dollar-strength-retests-june-highs">U.S. dollar strength retests June highs</h2> 
 <p>Bitcoin’s performance was not helped by a second day of solid upside for U.S. dollar strength.</p> 
 <p><strong><em>Related:&nbsp;Why is the crypto market down today?</em></strong></p> 
 <p>The U.S. Dollar Index (DXY) was above 104 at the time of writing, having made up for recent losses and apt to continue an uptrend that began in mid-July.</p> 
 <p>A previous local high in June acted as resistance upon a retest in August, with this now the level of interest.</p> 
 <p>Market participants are split over the current role of the DXY’s strength in suppressing BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>, with an inverse correlation between them repeatedly challenged over the past year.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/01/7d413d9504f437117f8aa9ffdee632bc.webp"> 
  <figcaption style="text-align: center;"> <em>U.S. dollar index (DXY) 1-day chart. Source: TradingView</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-lines-up-rsi-showdown-as-btc-price-slips-toward-new-2-week-low-tbt61247.html">https://thebittimes.com/bitcoin-lines-up-rsi-showdown-as-btc-price-slips-toward-new-2-week-low-tbt61247.html</a></p>

Bitcoin lines up RSI showdown as BTC price slips toward new 2-week low

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