{"id":145585,"date":"2023-09-01T12:02:00","date_gmt":"2023-09-01T06:32:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/btc-price-in-shambles-again-sell-off-to-20k-impending-crypto-news\/"},"modified":"2023-09-01T12:02:03","modified_gmt":"2023-09-01T06:32:03","slug":"btc-price-in-shambles-again-sell-off-to-20k-impending-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/btc-price-in-shambles-again-sell-off-to-20k-impending-crypto-news\/","title":{"rendered":"BTC Price In Shambles Again, Sell-Off To $20k Impending? – Crypto News"},"content":{"rendered":"

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BTC price has trimmed all the gains made this week, after climbing above $27,000 and stopping short of $28,000. Down 4.4% on Friday to $26,050, the most prominent crypto has seen over $20 billion in trading volume rushing in while its market capitalization holds slightly above $507 billion.<\/p>\n

Shifts in the\u00a0price of Bitcoin<\/a> often drag the market down or up with it, and this time it was not different, considering the 3% dip in the total market value to $1.09 trillion. Ethereum continued with the rout following the rejection from weekly highs of $1,750. The most prominent smart contracts token has corrected 3% in 24 hours to $1,650.<\/p>\n

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BTC Price Dumps As 26k Bitcoin Options Expire On September 1<\/h2>\n

Bitcoin has lost ground above $27,000<\/a>, lacking the momentum to keep the rally intact after the hype around Grayscale\u2019s win faded.<\/p>\n

\u201cAfter plenty of push & pull this week, Bitcoin has returned to $26K, right back where it started prior to the Grayscale news boosted crypto markets,\u201d\u00a0blockchain analytics firm Santiment said in a post on X<\/a>.<\/p>\n

Historically August and September have been some of the most bearish months for BTC price, marred with low volatility and dwindling liquidity.<\/p>\n

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According to data by Greeks.live, \u201c26k BTC options are about to expire with a Put Call Ratio of 0.50, a max pain point of $27,000, and a notional value of $690 million.\u201d<\/p>\n

Key support areas starting with $26,000 and $25,000 are likely to feel the pinch as investors absorb the losses which follow renewed investor sentiment for gains above $30,000 earlier this week.<\/p>\n

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\u201cBTC and ETH falling on the eve of expiration, causing the delivery price to move away from the maxpain point, is relatively rare,\u201d\u00a0Greeks.live said via X<\/a>. \u201cIt should be caused by a renewed delay in ETF approvals, resulting in the exit of short-term bullish gaming funds.\u201d<\/p>\n

BTC Price Dilemma, To $30k Or $20k?<\/h2>\n

Bitcoin will likely attempt another trend reversal from the now critical support at $26,000 if investors rally behind it and buy the dip. A buy signal from the Moving Average Convergence Divergence (MACD) indicator has come at the right time when traders need assurance that a recovery to $28,000 and then to $30,000 will follow the dip.<\/p>\n

The buy signal manifested with the blue MACD line crossing above the red signal line. Holding firmly above $26,000 would rule out a potential downfall to $25,000 which may increase the chances of BTC price tumbling to $20,000 before the 2024\/2025 bull run starts.<\/p>\n