{"id":497223,"date":"2022-08-01T17:00:43","date_gmt":"2022-08-01T17:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=497223"},"modified":"2024-06-11T08:32:45","modified_gmt":"2024-06-11T08:32:45","slug":"bitcoin-enters-august-with-losses-has-it-set-the-tone-for-the-month","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-enters-august-with-losses-has-it-set-the-tone-for-the-month\/","title":{"rendered":"Bitcoin Enters August With Losses, Has It Set The Tone For The Month?"},"content":{"rendered":"

Bitcoin has entered into a new month, but its price has not been doing as well as expected. The end of July had indeed come with good tidings as the bitcoin price had broken above $24,000. However, maintaining this point has been a harder task. As the market welcomes the new month of August, bitcoin has not had the best of starts to the new month, entering it with a red daily close.<\/p>\n

Bitcoin Going For The Win?<\/h2>\n

Bitcoin\u2019s recovery over the last week has been propelled forward by different things. The most recent one was the announcement that the United States was now in a recession after recording two consecutive negative GDP growth, causing individuals to find where to park their wealth. Bitcoin naturally provided the perfect hedge for people who were looking to escape the growing inflation, triggering a massive accumulation trend.<\/p>\n

Related Reading |\u00a0Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible?<\/a><\/strong><\/em><\/p>\n

It had seen the price of bitcoin quickly break multiple important technical levels. The 26th and 27th had been really good days for bitcoin after the digital asset closed both days in the green. But that will quickly change in the next couple of days.<\/p>\n

With the new month, bitcoin has now seen its 3rd consecutive daily red close. Now, this is not alarming in any way, given that the digital asset is in a bear market, but it does speak to the performance of the digital asset in the coming days.<\/p>\n

\"Bitcoin<\/p>\n

BTC falls to mid-$23,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
An example is that if there is no immediate recovery, the decline that will follow will see the cryptocurrency\u2019s price plunge more than it actually gained in its recent recovery. What this means is that a failure to hold this bullish rally could set bitcoin back to the $20,000 love.<\/p>\n
Obviously, bitcoin has previously seen significant support at this level and continues to see mounting support at the same point, but it makes no difference if there is not enough buying pressure on the market. Also, as investors rush to take profits over the recent recovery, the selling pressure may overwhelm traders and turn their focus to shorting the market.<\/p>\n
Related Reading |\u00a0New Milestone May Be The Kick Dogecoin Needs To Break $0.1<\/a><\/strong><\/em><\/p>\n
The digital asset has already lost more than $2,000 over the last two days. It has also declined below its 50-day moving average once more, the same technical level that had been one of the indicators of the bear trend in previous markets.\u00a0<\/span><\/p>\n
For bitcoin to establish a bullish trend, it must break above $24,800 and hold this level. Otherwise, there is likely to be a rapid decline in price over the next couple of days.<\/p>\n
Featured image from Forbes, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has entered into a new month, but its price has not been doing as well as expected. The end of July had indeed come with good tidings as the bitcoin price had broken above $24,000. However, maintaining this point has been a harder task. As the market welcomes the new month of August, bitcoin has not had the best of starts to the new month, entering it with a red daily close. Bitcoin Going For The Win? Bitcoin\u2019s recovery over the last week has been propelled forward by different things. The most recent one was the announcement that the United States was now in a recession after recording two consecutive negative GDP growth, causing individuals to find where to park their wealth. Bitcoin naturally provided the perfect hedge for people who were looking to escape the growing inflation, triggering a massive accumulation trend. Related Reading |\u00a0Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible? It had seen the price of bitcoin quickly break multiple important technical levels. The 26th and 27th had been really good days for bitcoin after the digital asset closed both days in the green. But that will quickly change in the next couple of days. With the new month, bitcoin has now seen its 3rd consecutive daily red close. Now, this is not alarming in any way, given that the digital asset is in a bear market, but it does speak to the performance of the digital asset in the coming days. BTC falls to mid-$23,000 | Source: BTCUSD on TradingView.com An example is that if there is no immediate recovery, the decline that will follow will see the cryptocurrency\u2019s price plunge more than it actually gained in its recent recovery. What this means is that a failure to hold this bullish rally could set bitcoin back to the $20,000 love. Obviously, bitcoin has previously seen significant support at this level and continues to see mounting support at the same point, but it makes no difference if there is not enough buying pressure on the market. Also, as investors rush to take profits over the recent recovery, the selling pressure may overwhelm traders and turn their focus to shorting the market. Related Reading |\u00a0New Milestone May Be The Kick Dogecoin Needs To Break $0.1 The digital asset has already lost more than $2,000 over the last two days. It has also declined below its 50-day moving average once more, the same technical level that had been one of the indicators of the bear trend in previous markets.\u00a0 For bitcoin to establish a bullish trend, it must break above $24,800 and hold this level. Otherwise, there is likely to be a rapid decline in price over the next couple of days. Featured image from Forbes, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":497227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1144,78790,79520,84008],"class_list":["post-497223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtcusd","tag-xbtcusdt"],"acf":[],"yoast_head":"\nBitcoin Enters August With Losses, Has It Set The Tone For The Month?<\/title>\n<meta name=\"description\" content=\"Bitcoin has entered into a new month, but its price has not been doing as well as expected. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Enters August With Losses, Has It Set The Tone For The Month?","url":"http:\/\/wncen.com\/news\/bitcoin-enters-august-with-losses-has-it-set-the-tone-for-the-month\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-enters-august-with-losses-has-it-set-the-tone-for-the-month\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-bear.jpeg?fit=1200%2C800"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt","xbtcusd","xbtcusdt"],"dateCreated":"2022-08-01T17:00:43Z","datePublished":"2022-08-01T17:00:43Z","dateModified":"2024-06-11T08:32:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Enters August With Losses, Has It Set The Tone For The Month?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-enters-august-with-losses-has-it-set-the-tone-for-the-month\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-enters-august-with-losses-has-it-set-the-tone-for-the-month\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/Bitcoin-bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/Bitcoin-bear.jpeg?fit=1200%2C800\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"xbtcusd\",\"xbtcusdt\"],\"dateCreated\":\"2022-08-01T17:00:43Z\",\"datePublished\":\"2022-08-01T17:00:43Z\",\"dateModified\":\"2024-06-11T08:32:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-bear.jpeg?fit=1200%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497223"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=497223"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/497227"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=497223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=497223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=497223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}