Bitcoin is set to close the month at a low after it fell below the $20,000 threshold on Sunday as the bulls failed to take control. It could not gain much ground over the weekend with support at $20,000 proving to be very much vulnerable.
The world’s most popular cryptocurrency is currently holding at $19,835. It’s down by 0.81% in the last 24 hours and down by 7.38% in the last seven days, as per data from CoinMarketCap. Ethereum is trading at $1,452. The second most loved cryptocurrency lost 2.41% in the last 24 hours. Ether lost 9% of its value in the last seven days. The price drop shows that the global crypto market hasn’t been able to regain much momentum. In fact, losses in the overall market have increased.
Material Indicators, an on-chain monitoring resource, pointed out that after JPow hit the market on Friday, Bitcoin lost its grip coming off the June low. It wonders whether the local low will hold or not. Currently, there is not enough bid liquidity to get excited. The on-chain monitoring resource referred to the August 26 risk asset cascade which had resulted from hawkish comments by US Federal Reserve chairman Jerome Powell. Anbessa, a popular crypto trader, expects the support and resistance flip to continue higher, as well as a breakdown to the $16,000-$17,000 level. Another crypto trader wants to see more bullish activity.
Meanwhile, Joe DiPasquale, a crypto asset manager at BitBull Capital, says the macroeconomic uncertainties continue to weigh down on Bitcoin’s price. He believes the crypto market reacted negatively to Powell’s comments, just the dip in BTC.