The price of BTC has fallen 14% this month, marking its worst August performance in the past seven years, but historically Bitcoin has typically performed worse in September than in August.
Caleb Franzen, senior market analyst at Cubic Analytics, pointed out that a BTC price below $20,000 would disrupt the pivot zone since the level was first breached in 2020.
If Bitcoin fails to hold the $20,000 support in August, it is likely to test the $14,000 support in September.