Bitcoin (BTC) fell to test $44,000 op aug. 18 with traders still bullish on new all-time highs.

BTC / USD 1-uur kaarsgrafiek (Bitstamp). Bron: TradingView

Ogen gericht $42,000 for higher low

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $44,215 on Bitstamp overnight.

A continuation of consolidation seen on Tuesday, the latest dip marks a $3,800 comedown after Bitcoin saw rejection at $48,000 several days ago.

This was expected — seller pressure from that level and upwards remains significant, with bulls so far lacking the momentum to absorb their positions.

For popular trader Pentoshi, echter, this was just a temporary feature. Bitcoin, he argued on the day, “will remind everyone who the king is.”

“When it’s time to buy. I’ll be going with a $Btc heavy rotational focus for the first time this year. If 40-42k is our new HL,” part of a tweet read.

“And Bitcoin truly is to go to new ath’s. It will remind everyone who the king is. Btc leads the pack from there is far more bullish.”

Attention was thus on $42,000 support for a potential higher low construction, a level not tested since Aug. 7.

Zoals CoinTelegraph meldde, should BTC/USD crush the $48,000 weerstand, the next stop could easily be $55,000 of meer.

Ondertussen, veteran trader Peter Brandt joined fellow trader and analyst Rekt Capital eyeing a rising wedge pattern for Bitcoin.

BTC/USD circled $45,300 op het moment van schrijven, already up over $1,000 from earlier lows.

Ethereum retests $3,000

Tegelijkertijd, it was a case of licking wounds for major altcoins, which lost out to Bitcoin on daily timeframes.

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Uit de top 50 cryptocurrencies by market cap, daily losses of 7% were not uncommon, terwijl Ether (ETH) returned to challenge $3,000 ondersteuning.

ETH/USD 1-hour candle chart (Bitstamp). Bron: TradingView

High flyer Solana (SOL) retained most of its previous gains, zweven op $68 at the time of writing while still up 60% in de afgelopen week.

General dip across the Altcoin Market looks to be in progress right now,” Rekt Capital summarized. He added that the weekly close for the combined altcoin market cap had nonetheless beenfantastic.