Bitcoin (BTC) fell below $28,700 after the Aug. 7 Wall Street open as “endless spot selling” drove BTC price action lower.
Bitcoin traders brace for losses as $29,000 support breaks
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning nearer to its August lows after a shaky weekly close.
The start of United States trading offered no signs of relief for bulls after a weekend of sideways behavior, with traders and analysts already predicting a downward outcome once the impasse broke.
Commenting on the situation, popular trader Daan Crypto Trades noted that derivatives trading at a premium over spot placed bulls in an even less advantageous position.
“There being a Perpetual pair premium vs Spot is really never a good sign. Combined with the endless spot selling + choppy price action is not what you want to see. Be careful out there,” he told Twitter followers.
Trading suite Decentrader warned that one of its proprietary trading tools had flipped bearish “across most timeframes,” while earlier, popular trader Crypto Tony said that $29,000 was already weakening as support.
“Losing $29k support. The slow bleed continues as people refuse to see the weakness in the markets,” trading team…
