Bitcoin traders clear a path to $23,000 as a lack of support worries BTC price bulls.
UTXO Realized Price Distribution annotated chart. Source: Ali/Xmetric from on-chain analytics firm Glassnode.
This tracks the price at which the current set of transaction outputs were created, and functions as a roadmap for likely price support and resistance levels.for various traders and analysts.Continuing, on-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC/USD on daily , weekly and even monthly timeframes.
“If price moves and holds below $25,350 the W signal will invalidate, however, if support holds above the LL at $24,750 there will be a good foundation to rally from and retest resistance,” part of X commentary“We will look to the Monthly candle open for a signal from the Trend Precognition algos to gain insight to whether we can expect an extension of the downtrend or a monthly momentum shift to the upside.
meanwhile showed Aug. 31 sparking the largest volume of BTC long liquidations since Bitcoin's 10% dive earlier in the month. These came in at $41 million with the cross-crypto total at $108 million — still far below the daily tally from two weeks prior.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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