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.