As the culmination of a week-long sideways action, Bitcoin ( BTC), fell quickly on Aug. 19, disappointing bulls.
New lows are “just a matter”
In response, traders speculated that a rebound would allow consolidation higher than the current spot price levels (currently under $22,000) at the time.
“Well, I hope that it was liquidity seeking, otherwise, it’s over,” a sad Crypto Chase said to followers.
Crypto account Il Capo, a fellow account, had long predicted a return at lower levels. He was now content with new lows being “just an issue of time.”
He warned that consolidating below $22,500 would be “very bearish” in his most recent update.
Second option is available. A test of 23500 resistance is a great selling opportunity.
A consolidation below 22500 (clean break + using the level of resistance) would be extremely bearish = 21k and lower
— il Capo Of Crypto (@CryptoCapo_)
August 19, 2022
Venturefounder , an analyst, stated that Bitcoin’s current price of $23,000 was a reasonable price for long-term purchases. He also said that it was unlikely that Bitcoin would exit its bear market.
He argued that the relative strength index (RSI), which is still at all-time lows, showed how much BTC/USD was being oversold.
CryptoQuant data shows that exchange outflows in the first hours of August 19 reached 21,500 BTC.
Ether retraces August gains
Altcoins felt the impact of Bitcoin’s three-week lows.
The largest altcoin market cap was Ether ( ETH), which traded at $1,750.
Other major tokens also lost more than 11%. Dogecoin ( DOGE) was the worst performer of the top ten, dropping 13.6%.
“Bear bias now, unless $1790 reclaimed/flipped for support,” Crypto Chase added to ETH in a separate tweet.
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