Bitcoin hits $25,000 as bearish voices suggest a ‘double top’ for BTC price

Bitcoin hits $25,000 as bearish voices suggest a 'double top' for BTC price

On August 14, bitcoin (BTC) broke above $25,000 for the first time in months, but traders rejected the risk of an upside.

Hourly candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

BTC briefly touched $25,000 at the weekend

Data from Cointelegraph Markets Pro and TradingView tracked a sudden rise in the BTC/USD pair, which hit $25,050 on Bitstamp in an hourly hold of $350.

The move took the pair to a new personal high since June 13, erasing further losses recorded that day in what remains a significant correction in BTC price.

However, analyzing the market pattern, the bearish tones remained familiar.

For the famous Il Capo of Crypto Twitter account, the latest highs seem to be the last piece of the puzzle before a new trend begins.

Il Capo previously called for a spike between $25,000 and $25,500 before bitcoin reversed heading lower.

A little higher and – il Capo Of Crypto (@CryptoCapo_) August 13, 2022

“$25,000 was hit but there are no long-term bearish signs yet,” he said in a post over there.

“We could see another rise towards 25400-25500, but the top of this bearish rally is very close. Most altcoins are facing major resistance.

Fellow Crypto trader Tony was also very cautious, whose multi-month range resistance of $24,500 flipped bitcoin to support consideration of long positions.

$BTC / $USD – Update I am looking for a reversal from range resistance to support before considering long positions. Crypto Tony (@CryptoTony__) August 14, 2022

Others expected the trend to continue, including Dave the wave, who sought to trigger signals from bitcoin’s Moving Average Convergence Divergence (MACD) indicator as evidence.

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

“There’s a lot of upside pressure building up a level of resistance,” abstractit that day.

“The weekly MACD is about to cross from an oversold position well below the zero line. Uptrend”.

Annotated chart of the BTC/USD pair with the MACD. Source: Dave the wave/Twitter

Ether rises towards $2,000

Meanwhile there was a smaller spike for the largest altcoin Ether (ETH), which gained $2,030 on the day.

Also Read: Bitcoin Traders Still Favor New $20,000 Lows As Ether Hits $2,000

After breaking above $2,000 for the first time since May at the start of the weekend, ETH/USD appears to be in consolidation mode, with no momentum continuing.

Hourly candle chart of ETH/USD pair (Binance). Source: Trade View

However, looking ahead, many traders were willing to bet on bullish times ahead.

“We continue to follow the structure of the final series perfectly and most people are still in disbelief. $5,000 (+) for $ETH is not just a meme,” it said supported Mustache next to a comparative chart of Ether now versus 2016-17,

If a pullback occurs, Jackis considers the previous resistance of the ETH/BTC pair as an entry point.

How bearish on #Ether & #ETH/#BTC here beyond me. This is the macro chart and we just had a 2 month breakout. As soon as we have a retest of 0.0725, I will bid with my net money targeting 0.115. Get up for the next two years — JACKIS (@i_am_jackis) August 13, 2022

ETH/USD is still hovering around $2,000 as of this writing, while ETH/BTC is hitting 8-month highs.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investment and trading involves risk, you should do your own research before making a decision.

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