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

Bitcoin (BTC) is headed for a long-term support retest, data recommends, after BTC price action fell into the August month-to-month close.BTC/ USD 1-hour chart. Source: TradingViewBTC rate: Roads point to $23,000 Reversing gains seen last week, BTC/USD is back listed below $26,000 as of Sep. 1, information from Cointelegraph Markets Pro and TradingView shows.Market individuals had seen cause for bullishness into the close, with Bitcoin holding a key long-term trendline and maintaining $27,000. A choice by the United States Securities and Exchange Commission (SEC) to postpone a slew of Bitcoin area cost exchange-traded fund (ETF) applications forced a rethink, with Bitcoin shedding $1,000 over just 2 hourly candles.Now, observers are concerned that even current levels may stop working to hold the market up for long.