Bitcoin Traders Still Favor New Lows of $20,000 as Ethereum Hits $2,000

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Bitcoin (BTC) is still likely to return to near $20,000, according to new analysis, as BTC/USD attempts to retest multi-month highs.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

Buy-the-dip settled for invalidation at $20,700

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second climb near $25,000 on August 13, so far rejected.

The pair had gained over $1,300 overnight, but as the bulls once again lacked momentum near crucial resistance, few were optimistic about Bitcoin avoiding a deeper drop.

“A final high for rekt early shorts,” popular Crypto trading account Il Capo told Twitter followers.

Equally cautious was fellow trader Jibon, who said that he would even prefer to wait and “buy higher” than the spot price to rule out any trend reversal.

More bullish was the Credible Crypto trading account, which argued that any correction would still be bullish unless $20,700 is broken.

“Relief went much higher than expected but looks like a liq grab from local highs and still thinks a move to green before continuing to 28k+ makes more sense,” he said. commented on an attached map.

“Cleaned up the chart a bit to make things clearer. Invalidation at 20.7k so far, bullish af on all dips.”

BTC/USD annotated chart. Source: Credible Crypto / Twitter

“Targeting the 20 highs of $27,000-$28,000 as long as we stay above the high range”, Crypto Tony addedcontinuing an early week strategy with $24,500 a key support level.

Ethereum returns to $2,000 after 11-week hiatus

On altcoins, meanwhile, it was Ether (ETH) in the driving seat after an overnight surge took ETH/USD above $2,000 for the first time since May.

Related: Crypto Markets Rebounded and Sentiment Improved, but Retail Has No FOMO Yet

At $2,020 so far, the pair posted its best performance since May 23, looking to consolidate near the highs at the time of writing.

ETH/USD 1-day candle chart (Binance). Source: Trading View

As a Material Scientist Chain Analyst to have a reference to With the worst yet to come for ETH bulls, Ethereum’s market cap share still topped 20%, while Bitcoin’s fell below 40%, according to data from CoinMarketCap.

Bitcoin dominance 1-week candle chart. Source: Trading View

As Cointelegraph reported, a dedicated indicator has already called the start of the “alternate season” with a stronger signal than at any time since June 2021 this month.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.