---
title: "Bitcoin faces ‘endless spot selling’ as BTC price dips below $28.7K"
url: https://diffcoin.com/bitcoin-faces-endless-spot-selling-as-btc-price-dips-below-28-7k/
description: "Bitcoin (BTC) fell below $28,700 after the Aug. 7 Wall Street open as “endless spot selling” drove BTC price action lower.BTC/USD 1-hour chart. Source:…"
published: 2023-08-07
updated: 2023-08-07
author: "Mila"
site: "Diffcoin"
---

# Bitcoin faces ‘endless spot selling’ as BTC price dips below $28.7K

Bitcoin (BTC) fell below $28,700 after the Aug. 7 Wall Street open as “endless spot selling” drove BTC price action lower.

*BTC/USD 1-hour chart. Source: TradingView*

## 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](https://twitter.com/DaanCrypto/status/1688576917434183680/photo/1) Twitter followers.

*BTC/USD with perpetual futures basis chart. Source: Daan Crypto Trades/Twitter*

Trading suite Decentrader [warned](https://twitter.com/decentrader/status/1688559327831891969) 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](https://twitter.com/CryptoTony__/status/1688439328308183040).

“Losing $29k support. The slow bleed continues as people refuse to see the weakness in the markets,” trading team IncomeSharks [added](https://twitter.com/IncomeSharks/status/1688570985958834177).

> [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw)
> 
> Looks likely to retest the green zone below and possible break lower from there.
> 
> We had the 2 consecutive daily closes below support signaling further downside as likely. [pic.twitter.com/TzTtMTvLB2](https://t.co/TzTtMTvLB2)
> 
> — Nebraskangooner (@Nebraskangooner) [August 7, 2023](https://twitter.com/Nebraskangooner/status/1688571100089782272?ref_src=twsrc%5Etfw)

Bets on a drop into the Aug. 10 U.S. Consumer Price Index (CPI) print were already on the table — something which would constitute, should it play out, classic BTC price action.

Data from monitoring resource CoinGlass put total BTC long liquidations at over $10.5 million on the day. Cross-crypto long liquidations stood at $60 million.

## Can BTC price avoid a 2023 double top?

Zooming out to weekly timeframes, meanwhile, popular trader and analyst Rekt Capital revealed an interesting showdown in the making for BTC/USD.

***Related: BTC price meets CPI as volatility ‘collapses’ — 5 things to know in Bitcoin this week***

Weekly candles were in the process of completing a double top formation, he noted in a YouTube update on the day, with confirmation due within the next month.

To print the classic M-shaped pattern, however, Bitcoin would need to revisit the area around $26,000 — something which would require violation of multiple key moving averages.

These included the 200-week simple moving average (SMA), as well as the 21-week and 50-week exponential moving averages (EMAs).

“The thing about this structure overall and generally this region acting as a confluence support region is because we also have two bull market bullish momentum exponential moving averages developing here,” he said about the area between $26,000 and current spot price.

That support cluster, Rekt Capital added, could end up being what “really gets in the way” of a double top, and instead allows Bitcoin to print a weekly higher low and continue upward.

*BTC/USD 1-week chart with 200SMA; 21, 50EMA. Source: TradingView*

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/bitcoin-spot-selling-btc-price-dips-below-28-7k)