Bitcoin (BTC) fell back below $20,000 after Wall Street opened on August 30, with data showing hodlers were selling at a loss.
June Lows look increasingly attractive
Data from Cointelegraph Markets Pro and TradingView found the latest fall below the peak of the 2017 bull market for the BTC / USD pair, with US stocks falling at a similar pace.
The S&P 500 and Nasdaq Composite Index lost 1.1% and 1.25% respectively in the first hour, while the BTC/USD pair lost 2.5% in just one hour.
The latest moves came as no surprise to traders who were already wary of a deeper correction for the major cryptocurrency. Before this, many people called for a shift towards the macro limits seen in June.
For popular trader Crypto Ed, Bitcoin and Ether (ETH) presented good opportunities for future short trading. For bitcoin, the target was $18,000 if the area around $19,800 was not held.
Another popular account, Il Capo of Crypto, kept his prediction for major support at $19,000, with $16,000 as a weak target.
$BTC https://t.co/Mwr6gx07F8 pic.twitter.com/tJMptAEvFt
— il Capo Of Crypto (@CryptoCapo_) August 30, 2022
After that Note that the deletion of the short positions on derivative platforms proved the possibility of another relief bounce.
“Bitcoin seems to have dated the red range below, between $17,800 and $18,900. Is it guaranteed? Definitely not, but I’ll definitely be looking at something,” said declared the day before Caleb Franzen, senior market analyst at Cubic Analytics, along with various charts.
“Simply put, each break resulted in the price retesting the low of the previous selloff. These “surrender peaks” became a beautiful price target when the support trendline failed, eventually leading to a new “surrender peak”. The bulls want this trend to end.”
The lows for the week for the BTC/USD pair were $19,500, which has not been tested since the pair fell below $19,800 at the time of writing.
The rising dollar
Turning to the US Dollar, as risk assets fell, analyst JACKIS expected a top soon after 20-year highs resurfaced this week.
Also read: BTC price warnings appear as 10,000 BTC wallet after 9 years
$DXY He closed the daily as SFP and continues to edit it today.
Remember lads, not to be confirmed to the top, until the bottom is lost but it is a start
BTC likely to rise to 22.5K ✍️ https://t.co/5kV7yz7gLU break of low pic.twitter.com/PVbR9wDGJv
— JACKIS (@i_am_jackis) August 30, 2022
DXY actually closed the day as SFP and continues to correct today. Remember guys, the top isn’t confirmed until the bottom is lost, but it’s a start. A break from the bottom would likely see BTC rise to 22.5K ✍️ https://t.co/5kV7yz7gLU pic.twitter.com/PVbR9wDGJv — JACKIS (@i_am_jackis) August 30, 2022.
However, the US dollar index (DXY) gained significantly on the day, taking above 109 and within 0.5 of the previous day’s highs.
According to him, if reversals occur in shorter time frames, bitcoin could gain the momentum to break through the $22,500 mark.
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