Main navigation

Bitcoin (BTC) Could Reach $23,000 If This Occurs: Details

Fri, 09/01/2023 - 16:00
article image
Tomiwabold Olajide
Odds are against Bitcoin bulls in September
Bitcoin (BTC) Could Reach $23,000 If This Occurs: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The largest cryptocurrency by market capitalization, Bitcoin, has fallen below $26,000 after experiencing seesaw movements this week, returning to its initial level before Grayscale's bullish Bitcoin ETF news bolstered the cryptocurrency markets.

Bitcoin fell to lows of $25,548 in today's trading, extending its slide from Tuesday's high of $28,184 as excitement faded on the Grayscale news.

The United States Securities and Exchange Commission's (SEC's) decision to postpone several applications for Bitcoin spot exchange-traded funds (ETFs) prompted a change of heart, with Bitcoin losing $2,500 in two consecutive daily red candles on Aug. 30 and 31.

On Thursday, the SEC deferred filings from Bitwise, VanEck, Invesco, Valkyrie and BlackRock, extending the deadline to accept or disapprove six ETF decisions within 45 days, citing the need for more time to evaluate the applications.

Bitcoin could reach $23K

Bitcoin was down 4.41% in the last 24 hours to $25,843 at the time of writing. Bitcoin has reverted to the lower portion of its trading range, increasing the likelihood of further declines.

Crypto analyst Ali highlights the precarious situation Bitcoin seems to be in, highlighting the lack of support slightly beneath where Bitcoin presently trades.

Citing Glassnode's UTXO realized price distribution (URPD) metric, which functions as a roadmap for likely price support and resistance levels, Ali states a concerning fact about Bitcoin's current standing.

According to him, on-chain data suggests that BTC lacks strong support below the $25,400 mark. Ali added that if BTC breaks below this threshold, the crypto asset could swiftly correct down to $23,340.

Bitcoin (BTC) Current Price Drop Explained by Crypto Analyst

The odds are against Bitcoin bulls in September, which has historically produced negative returns for BTC. That said, Bitcoin bulls would seek to gain a foothold above $25,400 to push for a retest above $28,500 to start a whole new rally.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.