BTC surge over $25,000 is completely retraced as weekend trading generates typical volatility.
Cointelegraph Markets Pro and TradingView data monitored a sharp increase in BTC/USD, which resulted in a $350 hourly candle on Bitstamp reaching $25,050.
The most recent peaks looked to be the last piece of the puzzle for the prominent Twitter account Il Capo of Crypto before the beginning of a fresh decline.
Before Bitcoin’s downward trend reversal, Il Capo had predicted a price high between $25,000 and $25,500.
“Ltf has touched $25,000, but there are no bearish signals yet,” they wrote in a later post.
“Another leg up to 25400-25500 is possible, but I believe the peak of this bear market recovery is extremely near. Most altcoins are encountering tremendous obstacles.” Crypto Tony, a cautious trader, required that Bitcoin overcome its multi-month range barrier at $24,500 before considering long bets.
Dave the wave was optimistic about a trend continuance, citing Bitcoin’s MACD indicator as confirmation.
MACD is a traditional trend indicator that enables traders to gauge the strength of a specific chart trend and generates buy and sell signals across different timeframes.
“Plenty of upward pressure is accumulating at a level of resistance,” he summed up that day. “Weekly MACD is oversold and far below the zero-line.”
Ether (ETH) saw a relatively moderate increase, reaching $2,030 on the same day. ETH/USD looked to be in consolidatory mode over the weekend after crossing the $2,000 level for the first time since May. However, several traders were prepared to bet on favourable conditions in the future.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.