Bitcoin traders warn of tough Q3 as Nikkei ‘Black Monday’ echoes 1987
Bitcoin should take a shot at $60,000 as traders are concerned about BTC's price performance.
Bitcoin price stabilizes when stocks sell off.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) off a new two-week low of $62,235 on August 2.
Bitcoin continues to tease a breakout towards $60,000 as risk assets see a period of flux to start the month.
Stock markets around the world are in the midst of an extended selloff, and while crypto has yet to reverse its volatility, there are still concerns about the future.
In the year On August 1, Japan made headlines when the Nikkei fell 6%- The biggest one-day drop since the global stock market crash of 1987 is known as “Black Monday”.
Traders typically note that the second half of Q3 is a difficult time for Bitcoin. Monitoring source data CoinGlass emphasizes that both August and September have been “red” months in recent years.
In the year In August 2023, BTC price action saw a flash decline that briefly took the market to $25,000.
“Bitcoin closed in the green in July, gaining 2.95%,” famous trader Jelle responded to the information in one of his recent X posts.
“Historically, the market tends to struggle through the rest of Q3 — but once October comes around it really starts to move higher. Let's see what we get this time.
Michael van de Pop, founder and CEO of trading firm MNTrading, sees a key support challenge coming in the form of $60,000 – a concept that echoes others currently circulating on social media.
“Bitcoin should hold above $60-61k and then we'll see a continuation to the highs,” he predicted.
“Historically, August and September are bad, but I expect the momentum to start to change from mid-August onwards. New ATH in Sep/Oct.
BTC Price Breakdown “Approaching”
As Cointelegraph reports, other concerns center around Bitcoin's daily highs and lows.
RELATED: Bitcoin Ignores 100% Fed Rate As BTC Price Hits 2-Week Low
Since reaching an all-time high of $73,800 in March, price action sellers have dominated the market above the old 2021 record of $69,000.
Jelle, however, was among those who were not happy with the consolidation and support efforts that came months later.
“Bitcoin is trading within the channel we've spent the last few months in, but holding above key supports,” he continued with an explanatory chart this week.
“It seems that a crack is getting closer by the day. Until then, be patient.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
