Bitcoin Hits $25,000 As Bearish Voices Call BTC Price ‘Double Top’
Bitcoin (BTC) surged past $25,000 for the first time in months on August 14, but traders refused to take any chances on a bull run.
Weekend briefly produces $25,000 loss for BTC
Data from Cointelegraph Markets Pro and TradingView tracked a sudden rally in BTC/USD, which reached $25,050 on Bitstamp in a $350 hourly candle.
The move took the pair to a new personal high since June 13, erasing several of the losses seen that day in what remains a significant BTC price correction.
Analyzing the market setup, however, familiar bearish tones remained.
For popular Crypto Twitter account Il Capo, recent highs seemed to provide the last piece of the puzzle before another downtrend set in.
Il Capo had earlier called for a top of $25,000-$25,500 before Bitcoin changed direction to go lower.
A little higher and
— il Capo Of Crypto (@CryptoCapo_) 13 August 2022
“$25k reached but no bearish signs yet on ltf,” it added in a follow-up mail.
“We could see another leg up to 25400-25500, but imo the top of this bear market rally is very close. Most altcoins are hitting major resistance.”
Also cautious was fellow trader Crypto Tony, who called for Bitcoin to turn its multi-month range resistance at $24,500 to support to consider long positions.
Looking for that range high flip in support before I look to re long legends pic.twitter.com/UQ99hWO8w4
— Crypto Tony (@CryptoTony__) 14 August 2022
Others were hopeful that the trend would continue, including wave Dave, who saw encouraging signs on Bitcoin’s moving average convergence divergence (MACD) indicator as evidence.
A classic trend indicator, the MACD allows traders to gauge the strength of a particular chart trend, providing buy and sell signals over multiple timeframes in the process.
“Much upward pressure building at a resistance level,” he in summary on the day.
“Weekly MACD about to cross from an oversold position well below the zero line. Bullish.”
Ethereum doubles at $2000
A more modest peak meanwhile played out for largest altcoin Ethereal (ETH), which managed $2,030 on the day.
Related: Bitcoin traders still favor fresh $20,000 lows as Ethereum hits $2,000
After passing the $2,000 mark for the first time since May earlier this weekend, ETH/USD appeared to be in consolidation mode without much momentum continuing.
Looking ahead, however, there were plenty of traders willing to bet on bullish times ahead.
“We continue to follow the structure of the last cycle perfectly and most people are still in disbelief. $5,000 dollars (+) for $ETH is not just a meme,” Mustache argued along with a comparative chart of Ethereum now versus 2016-17,
Should a retracement set in meanwhile, Jacki saw old resistance on the ETH/BTC pair as an entry point.
How can anyone be bearish on #Ethereum & #ETH / #BTC here is beyond me.
This is the macro chart and we just got a 2M breaker.
Whenever we get a retest of 0.0725, I bid with my net worth targeting 0.115
Bullish for the next two years pic.twitter.com/CYRxNaMfLF
— JACKIS (@i_am_jackis) 13 August 2022
ETH/USD was still circling $2000 at the time of writing, with ETH/BTC hitting 8-month highs.
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