Bitcoin (BTC) fell back below $20,000 after Wall Street opened on Aug. 30, with data showing hodlers selling at a loss.
June lows look increasingly attractive
Data from Cointelegraph Markets Pro and TradingView captured the latest dip below the 2017 bull market peak for BTC/USD, with US stocks falling at the same time. On the same subject : Cardano hits 1-year low as bulls drop ADA below $1..
The S&P 500 and Nasdaq Composite Index lost 1.1% and 1.25% respectively in the first hour, while BTC/USD lost 2.5% in a single hourly candle.
The latest moves came as no surprise to traders who were already wary of a deeper correction for the larger crypto-change. Previously, many had called for a retracement to the macro lows seen in June.
For popular Crypto trader Ed, Bitcoin and Ether (ETH) both offered good opportunities for an upcoming short trade. In the case of bitcoin, the target was $18,000 if the area around $19,800 did not hold.
Another popular account, Il Capo of Crypto, maintained its prediction for major support at $19,000, with $16,000 as a target on weakness.
$BTC https://t.co/Mwr6gx07F8 pic.twitter.com/tJMptAEvFt
He then noted that the disappearance of short positions on derivatives platforms had paved the way for a new twist.
“I feel like bitcoin has a date with the red range below, between $17.8k and $18.9k. Is it guaranteed? Absolutely not, but it’s definitely something I’ll be watching,” Caleb Franzen, senior market analyst at Cubic Analytics, said the day before alongside various charts.
Lows for the week were at $19,500 for BTC/USD, which was tested slowly as the pair slipped below $19,800 at the time of writing.
The rising dollar
Turning to the US Dollar, as risk assets fell, analyst JACKIS hoped a top would soon be reached after 20-year highs reappeared this week. This may interest you: Cryptocurrency Price Predictions Today: Bitcoin, Ethereum, Ripple – BTC Ready to Recover from Recent Slippage.
See also: BTC price warnings appear as 10,000 BTC leaves wallet after 9 years.
The US dollar index (DXY) nonetheless spiked on the day, taking it above 109 and within 0.5 of the previous day’s highs.
If a reversal occurs over shorter time frames, he predicts, bitcoin could gain the momentum needed to break above $22,500.
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