Bitcoin (BTC<\/a>) is headed for a long-term support retest, data suggests, after BTC price action fell into the August monthly close.<\/p>\n Reversing gains seen last week, BTC\/USD is back below $26,000 as of Sep. 1, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows.<\/p>\n Market participants had seen cause for bullishness into the close, with Bitcoin holding a key long-term trendline<\/a> and preserving $27,000.<\/p>\n A decision by the United States Securities and Exchange Commission (SEC) to delay a slew of Bitcoin spot price exchange-traded fund (ETF) applications<\/a> forced a rethink, with Bitcoin shedding $1,000 over just two hourly candles.<\/p>\n Now, observers are concerned that even current levels may fail to hold the market up for long.<\/p>\n \u201cOn-chain data suggests that $BTC lacks strong support below the $25,400 mark,\u201d popular trader Ali told<\/a> X (formerly Twitter) subscribers. <\/p>\n \u201cIf BTC breaks below this threshold, it could swiftly correct down to $23,340.\u201d<\/p><\/blockquote>\n Ali uploaded a chart of the UTXO realized price distribution (URPD)<\/a> metric from on-chain analytics firm Glassnode.<\/p>\n This tracks the price at which the current set of transaction outputs was created and functions as a roadmap for likely price support and resistance levels.<\/p>\n A breakdown to $23,000 would not come as a surprise to some, with that target already on the radar<\/a> for various traders and analysts.<\/p>\n Continuing, on-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC\/USD on daily (D), weekly (W) and even monthly (M) timeframes.<\/p>\n Related:\u00a0Bitcoin metric with \u2018100% long hit rate\u2019 predicts $23K BTC price floor<\/a><\/em><\/strong><\/p>\n Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.<\/p>\n \u201cIf 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,\u201d part of X commentary explained<\/a>. <\/p>\n \u201cWe 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.\u201d<\/p><\/blockquote>\nBTC price: Roads point to $23,000<\/h2>\n
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Bitcoin inches toward key support battleground<\/h2>\n
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