Another Downward Move Signaled by Bitcoin Strategists

    Bloomberg News reports that if a couple of technical charts must be taken seriously, Bitcoin is slated for another downward movement. The digital currency’s largest market value is down by 50% and more in the current year. And recently, the token has been staying in a range between $19,000 and $25,000. In recent months, the token has been struggling as rates are being raised by the Federal Reserve, and inflation appeared to be stubborn, although it did show a little change at $21,480 in New York as of 9:03 am.




    The nearby round number level of $20,000 is observed to be a little “sticky” over the last couple of months, as per technical strategist of 22V, John Roque stated in a note on Sunday, although he is anticipating that it might slide to $10,000.

    According to a senior market analyst associated with Oanda, Edward Moya, Bitcoin might be able to defend a figure of $20,000; however, that is a level that might appear tough to be held if the dollar continues to show appreciation leading to the speech of Fed Chair Jerome Powell at Jackson Hole Symposium.

    Downturn 

    Many other technical analysts are expecting figures that might be lower after Bitcoin has shown a tendency to run higher only to retreat later.

    Bloomberg News reports that the sell-off is essentially related to a loss in momentum for a short-term, enhanced risk within the long-term downtrend, as revealed by Katie Stockton, the co-founder of Fairlead Strategies, mentioned in a note on Monday.

    Seasonality

    The month of September has been the worst for Bitcoin. For five consecutive years, Bitcoin has slid by an average of 10% in September.

    Option Demand

    Traders are shelling out a lot more for offering protection lower than $18,000. The Implied Volatility Skew indicates that the traders are ready to spend elevated premiums.

    Option Quantity

    The options chain for the contracts that will expire towards the end of September implies that the strike price is $20,000 and the maximum open interest, which leads to a sustained break below. Also, put sellers might be forced to hedge their positions, putting pressure on prices and bringing them back into focus on the June lows.

    Underperformance

    Bitcoin has managed to recover from the lows of mid-June, but Ether which is number two, has performed even better amidst the enthusiasm related to the Merge upgrade.



    RELATED ARTICLES

    investing in Crypto

    Investing in Crypto: A Guide for Smart Investors & Fundamentals

    Investing in cryptocurrencies has turned out to be an international phenomenon, attracting each institutional and...
    How To Find the Best FD Interest Rate for Senior Citizens Using an FD Interest Calculator

    How To Find the Best FD Interest Rate for Senior Citizens Using an FD Interest Calculator

    FDs are one of the most preferred investment products for senior citizens as they offer...
    online jobs for students

    Online Jobs for Students: Best ways to Earn Money & Build Skills 

    Balancing academics and price range can be challenging for college students, but online jobs offer...
    Best Trading Apps to Open a Demat Account

    Best Trading Apps to Open a Demat Account: Features & Fees

    Investing in the stock market has become more accessible than ever with trading apps that...
    5 Mistakes to Avoid for Choosing the Best Share Market App

    5 Mistakes to Avoid for Choosing the Best Share Market App

    Investing in the Indian share market is now easier than ever in the current digital...
    Wheon.com finance tips

    Wheon.com finance tips of 2025: What’s Changing and Why It Matters

    The financial world never stands still, and 2025 is no exception. This year, we’ve witnessed...
    pagalmovies bond

    Pagalmovies Bond: Safe Alternative to Download 1080p Movies!

    Accessing films via platforms like Pagalmovies often leads to legal and security headaches. Ever wondered...
    How to save money on Pinterest ads the best virtual cards for media buying

    How to save money on Pinterest ads: the best virtual cards for media buying

    Media buying on Pinterest requires precise budget management. Advertising expenses can be optimised by choosing...
    robots dot to dot nattapong

    Robots Dot to Dot Nattapong: Mind-Blowing Concepts!

    Robots dot to dot Nattapong unveils a fascinating intersection of creativity and technology. Ever wondered...
    Skills Every Criminal Justice Professional Needs to Succeed

    Skills Every Criminal Justice Professional Needs to Succeed

    The field of criminal justice is complex, challenging, and ever-changing. Professionals in this field are...
    Experience Ultimate Comfort with Tempur Mattresses from Benson’s Beds

    Experience Ultimate Comfort with Tempur Mattresses from Benson’s Beds

    In today’s fast-paced world, a good night’s sleep is more important than ever. With the...