Weekend trading results in some classic volatility, and a careless dash over the $25,000 level is entirely retraced.
On August 14, Bitcoin (BTC) surged past $25,000 for the first time in months, but traders were reluctant to bet on a bull run.
TradingView and Cointelegraph Markets Pro showed a sharp rise in BTC/USD, reaching $25,050 on Bitstamp in a $350 hourly candle.
The increase brought the pair to a new all-time high on June 13, wiping out more losses from the still-significant BTC price drop that day. The market situation, however, still had the usual bearish overtones.
The most recent highs appeared to be the final piece of the puzzle before a fresh downturn began for the well-known Twitter account Il Capo of Crypto. Il Capo had predicted a peak of $25,000–$25,500 before Bitcoin started to decline.
Weekend Produces $25K For Bitcoin:
Others, like Dave the wave, were optimistic about the trend’s persistence and pointed to the moving average convergence divergence (MACD) indicator for Bitcoin as evidence.
A well-known trend indicator, MACD provides buy and sell signals on various timeframes by helping traders gauge the strength of a given chart trend.
The increase was relatively subdued for the largest altcoin, Ether (ETH), which reached $2,030 on the day.
ETH/USD appeared to be consolidating after breaking through $2,000 for the first occasion since May previously in the weekend, with little discernible momentum continuing.
However, many traders are preparing to place their bets in these bullish times ahead. Experts have said that they continue to follow the structure of their last cycle perfectly, and people are still in huge disbelief. At the time of writing, ETH/USD was still trading above $2,000, and ETH/BTC reached 8-month highs.
