As the bears called the Bitcoin (BTC) price a ‘double top’, BTC saw $25,000. A casual line above $25,000 has been completely rebounded as weekend trading produces some classic volatility.
At the weekend, Bitcoin made a short touch to $25,000
According to TradingView data, BTC saw a spike in Bitstamp reaching $25,050 in an hourly candle at $350. The move has brought BTC to a new personal best since June 13. It remained an important BTC price correction, erasing most of the losses seen that day.
But when analyzing the market pattern, the familiar bearish tones remained. For popular Twitter account Il Capo of Crypto, the latest highs have provided the final piece of the puzzle before a new downtrend begins. Il Capo previously predicted a top of $25,000-25,500 before Bitcoin changed direction.
In a later post, “It reached $25,000. But there is no sign of decline in sight yet,” he added. In this context, the analyst made the following statement:
We could see another leg up to 25,400-25,500. But the peak of this bear market rally is very close. Most altcoins are reaching major resistances.
Analysts are hopeful for Bitcoin
Another crypto analyst, Crypto Tony, expects Bitcoin to break the multi-month range resistance at $24,500 to support considering long positions.
Other analysts, including Dave the Wave, who saw encouraging signs in Bitcoin’s MACD indicator as evidence, were hopeful that the trend would continue. A classic trend indicator, the MACD allows traders to gauge the strength of a particular chart trend. This indicator gives buy and sell signals on multiple timeframes in the process. Dave the Wave also comments:
There is a lot of upward pressure at the resistance level. The weekly MACD is about to enter an oversold position well below the zero line. So the situation is Taurus.
Will Ethereum double it?
By the way cryptocoin.comAs you follow, there was a more modest increase for the leading altcoin Ethereum (ETH), which manages $2,030 per day. ETH crossed $2,000 over the weekend for the first time since May. It then entered consolidation mode without any significant momentum continuing.
But looking ahead, there were a lot of traders willing to bet on the upcoming bullish times. Alongside a comparative Ethereum chart now versus 2016-17, Mustache said:
We continue to follow the structure of the last loop perfectly. Most people are still unbelievers. $5,000 (+) for ETH is not just a joke.
Meanwhile, if a pullback begins, Jackis sees old resistance in ETH/BTC as an entry point.
ETH is trading just under $2,000 at the time of writing. Meanwhile, ETH/BTC reached 8-month highs.
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