Bitcoin price drops 6%, trader says.
As the culmination of a week-long sideways action, Bitcoin ( BTC), fell quickly on Aug. 19, disappointing bulls.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
New lows are “just a matter”
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD dropped 6.2% in an hourly candle.
Reacting, traders believed that a rebound would allow consolidation higher than the current spot price levels (which were below $22,000 at the time this article was written).
“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.
$BTC
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
It is only a matter time before we see new lows. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_)
August 19, 2022
Venturefounder , an analyst, stated that any price below $23,000 would make Bitcoin a reasonable price to purchase in the long-term. He also said that it was unlikely that Bitcoin has exited its bear markets so far.
He argued that the relative strength index (RSI), which is still at all-time lows, showed how much BTC/USD was being oversold.
However, there were signs of buying emerging below key Bear Market support levels such as the 200 week moving average or key whale entry level.
BTC/USD 1-week candle chart (Bitstamp) with 200-week moving average. Source: TradingView
CryptoQuant data shows that exchange outflows in the first hours of August 19 reached 21,500 BTC.
Bitcoin exchange outflows chart. Source: CryptoQuant
Ether retraces August gains
Altcoins felt the impact of Bitcoin’s three-week lows.
Similar: Options data indicates that Bitcoin’s short-term uptrend could be at risk if it falls below $23K
The largest altcoin market cap was Ether ( ETH), which traded at $1,750.
ETH/USD 1-day candle chart (Binance). Source: TradingView
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.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
Bitcoin (BTC) fell rapidly on Aug. 19 as the culmination of a week’s sideways action ended...
During ongoing war, Ukraine accepts Bitcoin, Ethereum and USDT donations
The Ukrainian government reached out to the cryptocurrency community via Twitter in the first week after the Russia-Ukraine conflict to raise funds for its troops and civilians. Ukraine now accepts donations in Bitcoin ( TTC), Ether( ETH), and Tether ( USDT).
Ukraine sought international assistance amid military threats in the country. But, time is critical and the official Twitter account for Ukraine has extended its request for assistance to Crypto Twitter.
Support the Ukrainian people. Accepting cryptocurrency donations Bitcoin, Ethereum, and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Ukraine / Ukrayina, (@Ukraine).
February 26, 2022
Mykhailo Fedorov (vice prime minister of Ukraine) also shared three wallet addresses. He urged the crypto community for donations to help Ukraine defeat Russian troops. The BTC and ETH addresses are the same. However, the USDT wallet address was TRC-20-based. It is different from the address shared on Ukraine’s official Twitter account.
Support the Ukrainian people
Accepting cryptocurrency donations Ethereum. Bitcoin and Tether (USDTtrc20).
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo)
February 26, 2022
Vitalik Buterin (prominent crypto entrepreneur), initially believed that accounts asking for crypto donations had been hacked. American diplomat Tomicah Tillemann confirmed that the accounts were legitimate with Olexander Scherba, the Ukrainian Ambassador.
It’s been confirmed by a few sources. For now, I am deleting my warning. Keep alert and be careful when sending irreversible cryptocurrency transactions. https://t.co/Odv5pxf3mp
— vitalik.eth (@VitalikButerin)
February 26, 2022
Ukrainian civilians-turned-refugees have reported the loss of access to their fiat savings and credit cards. As of Saturday, more than 150,000 people had been forced from Ukraine by the United Nations.
My Ukrainian credit cards are no longer valid. Although I am physically safe in Kazakhstan, all of my savings have disappeared.
Crypto is my only source of money, and I can confidently say that $BTC and $ETH will save my life, even if I’m unable to return home.
— ARTYOM FKsDOSOV, @usleepwalker
February 25, 2022
Although there has been confusion about the intended uses of crypto donations, Buterin shared another initiative. This is a decentralized autonomous organisation that focuses exclusively on Ukrainian citizens.
Here’s your chance to help the Ukrainians! Proceeds will go to civilian efforts to help Ukrainians affected by the war. https://t.co/GD7Qlw61nT
— vitalik.eth (@VitalikButerin)
February 26, 2022
UkraineDAO was launched by Nadya Tolokonnikova of Pussy Riot. It started with the release a one-of-1 nonfungible token (NFT), of the Ukrainian flag in order to raise funds for Ukrainian civil organizations that help victims of war.
Cointelegraph reported on Thursday that the Ministry of Defence of Ukraine had received many requests from asking for crypto donations.
Crypto donations can be very helpful. It’s fast, secure, and easy.
Also, consider this method
— timo (@tymo_tt)
February 24, 2022
Unconfirmed but believed to be true, donations to addresses shared by Ukraine may be used directly by government officials, while DAO proceedings will be directed towards citizens’ welfare via NGO.
Related to The reaction of the Crypto community to Russia’s war on Ukraine
Prominent crypto entrepreneurs have made proactive efforts to help the Ukrainians since Thursday. Sam Bankman-Fried, CEO of FTX, was the first to offer monetary support for FTX traders in Ukraine.
We just donated $25 to each Ukrainian on the FTX
Do what you have to do
— SBF (@SBF_FTX).
February 24, 2022
In the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the...