The price of Bitcoin (BTC) fell to test $ 44,000 on August 18, but traders are still bullish on new all-time highs.
Attention is focused on the $ 42,000 mark
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD pair hit local lows of $ 44,215 on Bitstamp overnight.
The latest drop marks a decline of $ 3,800 after Bitcoin rejected the $ 48,000 mark several days ago., which constitutes a continuation of the consolidation seen on Tuesday.
This was to be expected: seller pressure from that level and up is still significant, and the bulls so far lack momentum to absorb their positions.
However, for the popular trader Pentoshi this was only a temporary feature. Bitcoin, he argued that day, “will remind everyone who is king.”.
“When the time comes to buy, I am going to go with a Btc heavy turnover approach for the first time this year. If the $ 40,000-42,000 level is our new high low.”said part of a Tweet.
And Bitcoin will truly hit new all-time highs. It will remind everyone who the king is. Btc leads the pack, and from there it will be much more bullish. ”
Attention focused on the $ 42,000 support for a possible construction of higher lows, a level that has not been tested since August 7.
As Cointelegraph reported, in case the BTC / USD pair breaks above the resistance of $ 48,000, the next stop could easily be the level of $ 55,000 or more.
Meanwhile, the veteran trader Peter Brandt joined fellow analyst Rekt Capital in observing a rising wedge pattern for Bitcoin..
– Peter Brandt (@PeterLBrandt) August 17, 2021
Ascending wedge. Will it meet your expectations or will it not launch?
The BTC / USD pair was hovering around $ 45,300 at the time of writing.; it has risen more than $ 1,000 from previous lows.
Ethereum price retests $ 3,000
Secondly, it was a case of licking wounds for the major altcoins, which lost to Bitcoin on the daily time frames.
Of the top 50 cryptocurrencies by market cap, daily losses of 7% were not uncommon, while Ether (ETH) once again challenged the $ 3,000 support.
The coin Solana (SOL) retained most of its previous earnings, hovering around $ 68 at the time of writing this article; it’s up 60% in the last week.
“The general drop across the altcoin market seems to be in progress at the moment”, summarized Rekt Capital. However, he added that the weekly close of the combined market capitalization of altcoins had been “fantastic”.