Биткойн (BTC) fell to test $44,000 в августе. 18 with traders still bullish on new all-time highs.

1-часовой свечной график BTC / USD (Bitstamp). Источник: TradingView

Eyes on $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, тем не мение, this was just a temporary feature. Биткойн, 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.

Как сообщает Cointelegraph, should BTC/USD crush the $48,000 сопротивление, the next stop could easily be $55,000 или больше.

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

BTC/USD circled $45,300 на момент написания, already up over $1,000 from earlier lows.

Ethereum retests $3,000

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

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Из вершины 50 cryptocurrencies by market cap, daily losses of 7% were not uncommon, а эфир (ETH) returned to challenge $3,000 служба поддержки.

1-часовой свечной график ETH / USD (Bitstamp). Источник: TradingView

High flyer Solana (СОЛЬ) retained most of its previous gains, парящий в $68 at the time of writing while still up 60% за последнюю неделю.

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.