Bitcoin hits $25K as bearish voices call BTC price ‘double top’

by Andrew Throuvalas
7 ways to make with crypto

A casual dash over the $25,000 mark is fully retraced as weekend trading produces some classic volatility.

Bitcoin hits $25K as bearish voices call BTC price 'double top'

Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run.

Bitcoin hits $25K as bearish voices call BTC price 'double top'

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Weekend produces brief $25,000 tap for BTC

Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle.

The move took the pair to a new personal best since June 13, erasing more 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 Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in.

Il Capo had previously called for a peak of $25,000-$25,500 before Bitcoin changed direction to head lower.

“$25k reached but no bearish signs yet on ltf,” it added in a subsequent post.

Others were hopeful of trend continuation, including Dave the wave, who eyed encouraging signs on Bitcoin’s moving average convergence divergence (MACD) indicator as proof.

A classic trend indicator, MACD allows traders to measure the strength of a particular chart trend, giving buy and sell signals over multiple timeframes in the process.

“Plenty of upward pressure building at a level of resistance,” he summarized on the day.

ETH/USD still circled $2,000 at the time of writing, with ETH/BTC hitting 8-month highs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

7 ways to make money in crypto

You may also like

Leave a Comment

The latest news about crypto industry at Coingraph. Most recent news about bitcoin, altcoin, blockchain, mining, cryptocurrency prices and more.

 

Email: [email protected]

© 2022 Coingraph.org – All rights reserved.