Bitcoin hits $25K as bearish voices call BTC price ‘double top’


The weekend produces a brief touch of $25,000 for BTC
Data from Cointelegraph Markets Pro and TradingView tracked a surge in BTC/USD, reaching $25,050 on Bitstamp on a $350 hourly candle.

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

However, when analyzing the market setup, the familiar bearish tones remained.

For the popular Il Capo of Crypto Twitter account, the recent highs seemed to provide the last piece of the puzzle before a new downtrend was established.

Il Capo had previously called for a spike of $25,000-$25,500 before Bitcoin changed direction to go lower.

“$25,000 reached but no bearish signs on ltf yet,” they added in a subsequent post.

“We could see another leg down to 25400-25500, but the top of this bear market rally is very close in my opinion. Most of the altcoins are hitting big resistance.”
Also cautious was Crypto trader Tony, who demanded that Bitcoin flip its multi-month range resistance to $24,500 to support consideration of long positions.

Others were hopeful that the trend would continue, including Dave the wave, who noted encouraging signs in Bitcoin’s Moving Average Convergence Divergence (MACD) indicator as evidence.

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

“A lot of bullish pressure is building at a resistance level,” he summed up that day:

“Weekly MACD about to cross from an oversold position well below the zero line. Bullish.”

BTC/USD annotated chart with MACD. Source: Dave the wave / Twitter
Ether doubles at $2,000
Meanwhile, a more modest rise ensued for the largest altcoin Ether (ETH), which handled $2,030 on the day.

Related: Bitcoin Traders Still Favor New $20K Lows as Ethereum Hits $2K

After passing the $2,000 mark for the first time since May earlier in the weekend, ETH/USD appeared to be in consolidation mode with no significant momentum continuing.

ETH/USD 1-hour candlestick chart (Binance). Source: TradingView
However, looking ahead, there were plenty of traders willing to bet on the bullish times ahead.

“We are still perfectly following the structure of the last cycle and most people are still in disbelief. $5,000 (+) per $ETH is not just a meme,” Mustache argued along with a comparison chart of Ethereum now versus 2016-17.

Meanwhile, if a pullback were to occur, Jackis eyed the former resistance in the ETH/BTC pair as an entry point.

ETH/USD was still hovering around $2,000 at time of writing, with ETH/BTC hitting 8-month highs.

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



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