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

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

Bitcoin (BTC), which skyrocketed to $25,000 on Aug. 14 for the very first time because March, was not taken seriously by traders who were reluctant to run the risk of a bull market.

Weekend produces quick $25,000 tap for BTC

” Weekly MACD poised to cross from an oversold position well listed below zero-line. Bullish.”

MACD is a traditional indication of pattern strength that allows traders to identify the strength and offer purchase or sell signals throughout multiple timeframes.

Il Capo had required a peak at $25,000-$ 25,000. Bitcoins direction altered to go lower after that.

This relocation brought the pair to a brand-new individual record because June 13. It erased more losses from that days substantial BTC price correction.

” We could see another leg to 25400-25500 but the peak of this bearish market rally appears really near.” Major resistances are being reached by the majority of altcoins.

$ BTC/ $USD – Update Looking for that range high flip into support prior to i look to re long legends
— Crypto Tony (@CryptoTony__ August 14, 2022

Nevertheless, the familiar bearish tones were evident when analysing the marketplace setup.

Information from TradingView and Cointelegraph Markets Pro revealed an unexpected increase in BTC/USD. It reached $25,050 at Bitstamp throughout a $350 hourly Candle.

Others were optimistic about the patterns continuation, such as Dave the wave who saw motivating check in Bitcoins moving average divergence indicator (MACD), which he considered proof.

A little higher than
— il Capo Of Crypto (@CryptoCapo_) August 13, 2022

Popular Twitter account Il Capo of Crypto saw the current highs as the final piece of the puzzle to prevent a new drop.

He summed up the day by stating, “Plenty and upward pressure building at a degree of resistance.”

Crypto Tony, a fellow trader, was likewise careful and required that Bitcoin flip its multimonth range resistance at $24,500 in order to support long positions.

It added, “$ 25k reached, but no bearish signals yet on ltf,” in a follow-up post.

BTC/USD chart annotated with MACD Source: Dave the Wave/ Twitter

It is hard to think that anyone can be bearish on #Ethereum and #ETH/ #BTC. Whenever we get the retest of 0.0725 Ill be bidding with my networth targeting 0.115 Bullish for the next 2 years
— JACKIS (@i_am_jackis), August 13, 2022.

The ETH/USD pair appeared to be consolidating after passing the $2,000 mark on Saturday, simply a few days previously. There was no sign of any momentum.

ETH/USD was still hovering around $2,000 at the time this article was composed, while ETH/BTC struck 8-month highs.

Related: Bitcoin traders still choose new lows of $20K as $2K hits.

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Jackis took a look at the ETH/BTC pair for resistance in case of a retracement.

Nevertheless, traders were prepared to place bets on bullish times in the future.

Ethereum doubles down on $2,000.

The largest altcoin Ethere, which managed $2,000.30 per day, saw a modest boost.

” We are continuing to follow the structure from the previous cycle perfectly, and the majority of people still have doubts.” Moustache also presented a chart of Ethereums existing value compared to 2016-17.

BINANCE: ETH/USD 1-hour candle charts Source: TradingView.

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