Bitcoin (BTC) surged to $25,000 for the first time in months on Aug. 14, but traders refused to risk a bull run.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
The weekend produces a brief $25,000 tap for BTC
Data from Cointelegraph Markets Pro and TradingView tracked a sudden surge in BTC/USD, hitting $25,050 in an hourly $350 candle on Bitstamp.
The move took the pair to a new personal best since June 13, erasing further losses recorded on the day in what remains a significant BTC price correction.
However, when analyzing the market construction, the familiar bearish tones lingered.
For popular Twitter account Il Capo of Crypto, recent highs appeared to provide the final piece of the puzzle before a fresh downtrend began.
Il Capo had previously claimed a high of between $25,000 and $25,500 before bitcoin reversed direction to head lower.
A little higher and
— il Capo Of Crypto (@CryptoCapo_) August 13, 2022
“$25k hit but no bearish signs on ltf yet,” it added in a later post.
“We could see another leg to 25400-25500 but in my opinion the top of this bear market rally is very close. Most altcoins are hitting major resistances.”
Also cautious was fellow Crypto Tony, who urged Bitcoin to flip its multi-month resistance in the $24,500 range to consider long positions.
$BTC / $USD – update
Looking for that range high turn into support before I look for long legends pic.twitter.com/UQ99hWO8w4
— Crypto Tony (@CryptoTony__) August 14, 2022
Others were hoping for a continuation of the trend, including Dave the Wave, who took encouraging signs on Bitcoin’s moving average convergence-divergence (MACD) indicator as evidence.
A classic trend indicator, the MACD allows traders to gauge the strength of a particular chart trend, providing buy and sell signals across multiple time frames.
“There’s a lot of upside pressure building at a resistance level,” he summarized the day.
“Weekly MACD about to cross well below the zero line from an oversold position. bullish.”
BTC/USD annotated chart with MACD. Source: Dave the wave/ Twitter
Ethereum doubles to $2,000
A more modest surge, meanwhile, was playing out for the largest altcoin, Ethere (ETH), which hit $2,030 on the day.
Related: Bitcoin traders still favor fresh $20k lows as Ethereum hits $2k
After breaking above $2,000 for the first time since May over the weekend, ETH/USD appeared to be in consolidation mode without any significant momentum continuing.
ETH/USD 1-hour candlestick chart (Binance). Source: TradingView
However, looking ahead, there were many traders willing to bet on bullish times ahead.
“We continue to follow the structure of the last cycle perfectly and most people are still in disbelief. $5,000 (+) for $ETH is not just a meme,” Mustache argued alongside a comparison chart of Ethereum Now vs 2016-17.
In the meantime, if a retracement sets in, Jackis will view old resistance on the ETH/BTC pair as an entry point.
How can anyone here be bearish on #Ethereum & #ETH / #BTC is beyond me.
This is the macro chart and we just got a 2M breaker.
Whenever we get the retest of 0.0725 I will bid with my net worth targeting 0.115
Bullish for the next two years pic.twitter.com/CYRxNaMfLF
— JACKIS (@i_am_jackis) August 13, 2022
ETH/USD was still circling $2,000 at the time of writing, with ETH/BTC making 8-month highs.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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