• Bitcoin (BTC) has seen a 13% drop in price in August, testing an important support level at $25.8k.
• Rumors suggest that Binance is selling its Bitcoin holdings to boost BNB value, which is causing industry worries to rise.
• Noted analyst Rekt Capital predicts further downward pressure on Bitcoin based on historical trends.
August Sees 13% Dip in Bitcoin Price
After a recent drop, Bitcoin (BTC) faces a crucial support test around $25.8k, with experts predicting a possible continuation of the correction.
Binance’s Insolvency Worries Industry
Rumors have emerged surrounding the potential insolvency of prominent crypto investor Binance . Allegedly, Binance has been strategically offloading its Bitcoin holdings to prop up the value of BNB. This move resulted in a modest 1.2 percent uptick in the value of BNB over the last 24 hours, bringing it to around $214 in the early hours of Wednesday’s Asian market.
Rekt Capital Forecasts Further Downward Pressure
Respected cryptocurrency analyst Rekt Capital has recently conducted an in-depth analysis of the Bitcoin landscape that indicates a high probability of further downward pressure on Bitcoin’s value in the upcoming weeks, extending through the end of September. This projection is rooted in historical patterns, with August and September historically being less favorable months for the premier cryptocurrency.
Deepest August Retraces
#BTC has already retraced -13% this August and could potentially retrace -17% or -18%, dropping price to ~$20K if these levels are reached.
Conclusion
With rumors circulating about potential insolvency and analysts forecasting further downside risk ahead for BTC prices, investors will be looking closely at how BTC holds up against critical support levels as we move into September and beyond