Weekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this week

CRYPTO_NEWS BTC MARKET_WATCH Crypto

Bitcoin battles $26,000 with BTC price action at a crucial decision point heading into the first week of September. 

 

Bitcoin launches its first full week of September with BTC price action at a crossroads — can $26,000 return?

 

After a quiet weekend, the dust has settled on last week’s volatility as crypto markets return to “business as usual.”

Bitcoin lingers in familiar territory, but without a trend, traders and analysts remain undecided about its next moves.

There is certainly no shortage of downside BTC price predictions, with $25,000, $24,750 and even $23,000 all becoming popular targets in recent weeks.

On the other hand, Bulls are thought to have a more difficult task in winning back market momentum.

With network fundamentals set to consolidate recent gains of their own and macro markets quiet, the question as to whether September 2023 will be a classic month of single-digit losses for BTC/USD is now a talking point.

Cointelegraph looks at the main factors influencing BTC price action over the coming days.

Weekend Bitcoin price chops up BTC shorts

Bitcoin offered few surprises in out-of-hours weekend trading — a status quo that could continue with United States equities markets only opening on Sep. 5.

BTC/USD 1-hour chart. Source: TradingView

For most of the past two days, BTC/USD acted in a tight $200 corridor, data from Cointelegraph Markets Pro and TradingView shows — but modest spikes up and down belied the presence of speculative exchange players.

These were noticed by popular trader Skew, who uploaded order book data showing failed shorts being behind Bitcoin’s brief trips past $26,000.

 

“All it took was someone figuring out where stops were and market buying a few mil in spot then dumping it after forcing out some shorts,” part of additional X (formerly Twitter) commentary added.

Further BTC spot market analysis queried whether the weekly close, which came in at around $25,970, would end up as a plan to give bulls a false sense of security.

 

As Cointelegraph reported, $25,900 was already on the radar for Skew as the level to hold into the weekly candle close.

For fellow trader and analyst Rekt Capital, however, anything much below $26,000 was cause for concern on longer timeframes.

Failure to reclaim that level, he warned over the weekend, meant risking a double top structure for 2023, with the area around $31,000 the BTC price ceiling and protracted downside to come.

“A BTC Weekly Candle Close below ~$26,000 (green) would likely confirm the Double Top to kickstart the breakdown process,” he commented on a chart showing the setup.


 

 

Source : [Weekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this week](cointelegraph.com/news/weekly-close-btc-price-double-top-5-things-bitcoin-this-week) by Cointelegraph By William Suberg - 20Cointelegraph.com News by Cointelegraph By William Suberg / September 04, 2023

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