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

Bitcoin (BTC) is headed for a long-lasting assistance retest, data recommends after BTC rate action fell into the August month-to-month close.BTC/ USD 1-hour chart. Source: TradingViewBTC cost: Roads point to $23,000 Reversing gains seen last week, BTC/USD is back listed below $26,000 as of Sep. 1, data from Cointelegraph Markets Pro and TradingView shows.Market individuals had seen cause for bullishness into the close, with Bitcoin holding a key long-lasting trendline and maintaining $27,000. A decision by United States regulator, the Securities and Exchange Commission (SEC), to postpone a slew of Bitcoin spot rate exchange-traded fund (ETF) applications required a rethink– Bitcoin then shed $1,000 over simply two per hour candles.Now, observers are worried that even present levels might stop working to hold the marketplace up for long.”On-chain information recommends that $BTC does not have strong support below the $25,400 mark,” popular trader Ali told X subscribers. “If BTC breaks below this threshold, it could swiftly remedy down to $23,340.”UTXO Realized Price Distribution (URPD) annotated chart. Source: Ali/XAli submitted a chart of the UTXO Realized Price Distribution (URPD) metric from on-chain analytics firm Glassnode.This tracks the cost at which the existing set of deal outputs were produced, and functions as a roadmap for most likely price assistance and resistance levels.A breakdown to $23,000 would not come as a surprise to some, with that target currently on the radar for numerous traders and analysts.Bitcoin inches toward crucial assistance battlegroundContinuing, on-chain tracking resource Material Indicators delivered a likewise grim photo for BTC/USD on everyday (D), weekly (W) and even month-to-month (M) timeframes.Related: Bitcoin metric with 100% long hit rate forecasts $23K BTC price floorUsing signals from among its exclusive trading tools, Trend Precognition, Material Indicators recommended that $24,750 needed to hold for bulls to have a chance at clinching a rebound.”If cost moves and holds listed below $25,350 the W signal will revoke, nevertheless, if assistance holds above the LL at $24,750 there will be an excellent structure to rally from and retest resistance,” part of X commentary explained. “We will aim to the Monthly candle light open for a signal from the Trend Precognition algos to acquire insight to whether we can expect an extension of the drop or a monthly momentum shift to the advantage.”BTC/USD 1-month chart with Trend Precognition signals. Source: Material Indicators/XData from CoinGlass meanwhile revealed Aug. 31 sparking the biggest volume of BTC long liquidations because Bitcoins 10% dive previously in the month. These was available in at $41 million with the cross-crypto overall at $108 million– still far below the everyday tally from two weeks prior.Crypto liquidations chart (screenshot). Source: CoinGlassThis article does not include investment guidance or suggestions. Every financial investment and trading relocation includes risk, and readers must conduct their own research when deciding.