Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Weekend produces brief $25,000 tap for BTC
Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle.
The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction.
Analyzing the market setup, however, familiar bearish tones remained.
For popular Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in.
Il Capo had previously called for a peak of $25,000-$25,500 before Bitcoin changed direction to head lower.
Little bit higher and
— il Capo Of Crypto (@CryptoCapo_) August 13, 2022
“$25k reached but no bearish signs yet on ltf,” it added in a subsequent post.
“We could see another leg up to 25400-25500, but imo the top of this bear market rally is very close. Most altcoins are reaching major resistances.”
Cautious too was fellow trader Crypto Tony, who demanded Bitcoin flip its multi-month range resistance at $24,500 to support to consider long positions.
$BTC / $USD – Update
Looking for that range high flip into support before i look to re long legends pic.twitter.com/UQ99hWO8w4
— Crypto Tony (@CryptoTony__) August 14, 2022
Others were hopeful of trend continuation, including Dave the wave, who eyed encouraging signs on Bitcoin’s moving average convergence divergence (MACD) indicator as proof.
A classic trend indicator, MACD allows traders to measure the strength of a particular chart trend, giving buy and sell signals over multiple timeframes in the process.
“Plenty of upward pressure building at a level of resistance,” he summarized on the day.
“Weekly MACD about to cross from an over-sold position well below the zero-line. Bullish.”BTC/USD annotated chart with MACD. Source: Dave the wave/ Twitter
Ethereum double down on $2,000
A more modest spike meanwhile played out for largest…