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Bitcoin (BTC) looked set to equal its lowest monthly close since 2020 on Aug. 28 as bulls failed to take control.

Odds stack up for a deeper dive below $20,00

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD criss-crossing $20,000 with hours until the weekly candle completed.

The pair had been unable to make up for lost ground over the weekend, and just days from the end of the month, even $20,000 appeared vulnerable as support.

At the time of writing, Bitcoin traded near $19,900 — below June’s closing price.

“It didn't matter what kind of lines or squiggles you had on your charts,” on-chain monitoring resource Material Indicators summarized over the weekend alongside bid and ask data from the Binance order book.

BItcoin (BTC) is on track to see its worst August performance since the 2015 bear market — and next month may be even worse.

Data from on-chain analytics resource Coinglass shows that BTC/USD has not had an August this bad for seven years.

September means average 5.9% BTC price losses

After two major BTC price comedowns in recent weeks, Bitcoin hodlers are understandably fearful — but historically, September has delivered even worse performance than August.

At $20,000, BTC/USD is down 14% this month, making this August the biggest loser since 2015, when the pair posted an 18.67% red monthly candle.

Subsequent years have proven that August can be a mixed bag when it comes to BTC price performance — in 2017, for example, the largest cryptocurrency gained over 65% in a bullish record.

Bitcoin (BTC) may have hit six-week lows of under $20,000 but its network fundamentals are anything but bearish.

The latest on-chain data shows that, far from capitulating, hash rate and difficulty are making snap gains.

Data supports "doozy" difficulty jump

Despite being down around 7% in a week, BTC/USD is not putting off miners, who have recently exited their own multi-month capitulation phase.

Now, with hardware and competition returning to the network, fundamental indicators are firmly in "up only" mode as August draws to a close.

This is neatly captured by difficulty — an expression of, among other things, the scale of competition among miners for block subsidies — which is due to increase by an estimated 6.8% next week.

What people end up searching on Google provides raw insights into the real mindset, often revealing their interest, fear, and range of other emotions about a particular topic. To identify investor sentiment amid a bear market that is yet to find its bottom, Cointelegraph dug deep into the web to find out the most Googled questions about cryptocurrencies. 

The top 10 Google searches related to cryptocurrencies uncover an increase in curiosity among general investors — represented by two ‘Whys,’ three ‘What’s’ and five ‘How’s.’ Let’s go through the most crypto-related Google searches, from highest to lowest.

What is cryptocurrency

Even after thirteen years of disruption to traditional finance, the most popular question that general investors ask Google is, “What is cryptocurrency.” With a global search volume (GV) of 256,000, this Google search overshadows the second most crypto-related Google search by nearly five (4.7) times.

This indicates the gap — and a vast scope — in educating the masses about cryptocurrencies. However, despite the evident conflict of interests, crypto entrepreneurs from across the globe put their differences aside and agree that educating the masses about cryptocurrencies can serve as a catalyst for mainstream adoption.

What is crypto

The second most Googled question about cryptocurrencies is, surprisingly, just an iteration of the top question, which reads, “What is crypto.” The question recorded a GV of 54,000, which, when combined with its predecessor, strengthens the case for educating the masses about cryptocurrencies.

Bitcoin (BTC) failed to keep $20,000 support on Aug. 27 as fears over a sell-off by users of defunct exchange Mt. Gox added to price pressures.

Mt. Gox rumors dismissed as "typical crypto"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it headed to new six-week lows, reaching $19,766 on Bitstamp.

Thin weekend liquidity appeared to exacerbate already jittery markets, which reacted badly to unconfirmed rumors that Mt. Gox funds were due for release to creditors on Aug. 28.

Claims varied widely at the time of writing, with some believing that a tranche of 137,000 BTC was set for release in one go. Others said that funds would be sent piecemeal, but that payouts would nonetheless begin this weekend.

A point of consensus came in the form of creditors allegedly wanting to sell BTC owed to them, this having been out of reach since 2014, when BTC/USD traded at under $500. The unrealized 40X returns, they feared, would prove too enticing for creditors to become willing hodlers.

Bitcoin (BTC) analysts were keen to draw fresh price targets on Aug. 27 after the largest cryptocurrency briefly fell below $20,000.

Sub-$20,000 BTC price targets stay in place

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,945 on Bitstamp the night after hawkish comments from the United States Federal Reserve. 

Intraday losses for the pair neared 9% and United States equities cratered over the outlook for inflation policy, which looks to increasingly abandon the "soft landing" narrative.

"Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Reducing inflation is likely to require a sustained period of below-trend growth," Fed Chair, Jerome Powell, said in a speech at the annual Jackson Hole economic symposium.

"Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain."

Bitcoin (BTC) and altcoins lost big on Aug. 26 after the United States Federal Reserve delivered hawkish remarks on economic policy.

Across the board, risk assets took a major hit — U.S. equities shed around $1.25 trillion in a single session.

Analyst: Powell retiring "soft landing" rhetoric

As comments by Fed Chair, Jerome Powell, suggested that larger rate hikes were still firmly on the table despite recent data hinting that inflation was already slowing, investors rushed to cut risk.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy," Powell said at the annual Jackson Hole economic symposium.

The S&P 500 closed down 3.4% on the day, hitting its lowest levels since late July. The Nasdaq Composite Index copied the move and extended losses, shedding 4%.