After Bitcoin lost the $20,000 trading level last weekend, BTC has remained stuck below the $20K level until today. At the same time, most of the altcoins are also seen as unstable on a daily scale except for Chainlink and some other altcoins which showed excellent performance with an increase of 5%.
Bitcoin tried to regain a new support level back on August 26 when it surged to $22,000, a 1-week high. However, conquering the support level was not achieved and ultimately pushed BTC to trade lower.
Since last week, BTC has lost almost $2,000 and is trading below $20,000. Bitcoin began trading below $20,000 for the first time in over a month and hit a 7-week low of $19,500 on August 29.
Looking at the daily chart, the price has been consolidating in a tight range between $19,500 and $20,500 over the past few days, indicating less momentum for a move. The $20K support area is seen as a benchmark. If a surge occurs, the 50-day and 100-day moving averages are around $23K and the $24K resistance level will be an important level to watch. Instead a further fall could send it to the $17K support level. A rapid decline towards $17K is seen as a disaster for the market.
Altcoins have also seen big falls in the past few days. Ethereum dipped below $1,500 recently but is starting to bounce back. Solana, Polkadot, Shiba Inu and Tron also started to trade strongly.
Finally, a recent sentiment was a miner sent 4,400 BTC to Binance. This appears to be the fourth largest miner-to-exchange transaction in the last two months. 4,400 BTC was transferred from miners to Binance. This particular transaction comes from a well-known BTC mining organization called Poolin.
