Bitcoin faces 'endless spot selling' as BTC price dips below $28.7K
BTC price strength fails to sustain $29,000 support as the week begins with fresh weakness for Bitcoin. 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. B...