Bitcoin (Bitcoin) Fell to $44,000 on August 18, and traders are still optimistic about the record high.
Focus on $42,000 for higher lows
Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD hit a local low of $44,215 on Bitstamp overnight.
Consolidation continued on Tuesday, and the recent decline marked a drop of $3,800 after Bitcoin fell to $48,000 a few days ago.
This is to be expected-the pressure on sellers at this level and above is still great, and so far the bulls lack the motivation to absorb positions.
However, for the popular trader Pentoshi, this is only a temporary feature. He argued that day that Bitcoin “will remind everyone who is the king.”
“When to buy it. This year I will focus on $Btc for the first time to rotate. If 40-42k is our new HL,” tweet read.
“And Bitcoin is really going to new territory. It will remind everyone who is the king. Btc leads from there and is more bullish.”
Therefore, attention is focused on the $42,000 support level, which is a level that has not been tested since August 7.
As Cointelegraph Report, If BTC/USD breaks through the resistance level of 48,000 USD, it will easily reach 55,000 USD or more in the next stop.
Meanwhile, veteran trader Peter Brandt join in Trader and analyst Rekt Capital looks at Bitcoin’s rising wedge pattern.
Rising wedge-will it meet expectations or will it fail to launch? Bitcoin pic.twitter.com/tId5hmmhnl
— Peter Brandt (@PeterLBrandt) August 17, 2021
At the time of writing, BTC/USD hovered at $45,300 and has risen by more than $1,000 from an earlier low.
Ethereum retests $3,000
At the same time, this is a case of a major altcoin licking its wounds, losing to Bitcoin in the daily time frame.
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Among the top 50 cryptocurrencies by market capitalization, it is not uncommon to lose 7% daily, while Ethereum (Ethereum) Come back to challenge the $3,000 support.
Goofy Solana (SOL) retains most of Previous harvest, Hovering at $68 at the time of writing, but still rose by 60% in the past week.
“Currently, the general decline in the altcoin market seems to be underway,” Rekt Capital SummarizeHe added that the weekly closing price of the composite altcoin market value is still “very good”.