{"id":426473,"date":"2022-08-31T02:24:36","date_gmt":"2022-08-30T20:54:36","guid":{"rendered":"https:\/\/www.www.bullfrag.com\/bitcoin-loses-its-latest-gains-and-the-price-returns-below-20000-as-the-dollar-soars\/"},"modified":"2022-08-31T02:24:36","modified_gmt":"2022-08-30T20:54:36","slug":"bitcoin-loses-its-latest-gains-and-the-price-returns-below-20000-as-the-dollar-soars","status":"publish","type":"post","link":"https:\/\/www.bullfrag.com\/bitcoin-loses-its-latest-gains-and-the-price-returns-below-20000-as-the-dollar-soars\/","title":{"rendered":"Bitcoin loses its latest gains and the price returns below $20,000 as the dollar soars"},"content":{"rendered":"
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Bitcoin (BTC) dipped below $20,000 again following the Wall Street open on August 30 as data showed hodlers selling at a loss.<\/p>\n

BTC\/USD 1-hour candlestick chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

June lows look increasingly attractive<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView captured the latest drop below the 2017 bull market peak for the BTC\/USD pair, with US stocks falling at the same rate.<\/p>\n

The S&P 500 and the Nasdaq Composite Index lost 1.1% and 1.25% in the first hour, respectively, while the BTC\/USD pair shed 2.5% during a single hourly candle.<\/strong><\/p>\n

The latest moves did not surprise traders who were already wary of a deeper correction in the largest cryptocurrency.<\/strong>. Previously, many had called for a pullback to the macro lows seen in June.<\/p>\n

For popular Crypto Ed trader, both Bitcoin and Ether (ETH) offered good opportunities for an upcoming short trade. In the case of Bitcoin, the target was $18,000 if the zone around $19,800 did not hold.<\/p>\n

Popular Il Capo of Crypto account held on to a forecast of major support at $19,000, with $16,000 a target should weakness prevail.<\/p>\n

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$BTC<\/a> https:\/\/t.co\/Mwr6gx07F8 pic.twitter.com\/tJMptAEvFt<\/a><\/p>\n

\u2014 il Capo Of Crypto (@CryptoCapo_) August 30, 2022<\/a>\n<\/p><\/blockquote>\n

Subsequently, he pointed<\/a> that the fading of long positions on derivatives platforms had opened up the possibility of another relief bounce.<\/p>\n

\u201cBitcoin looks like it has a date with the red range below, between $17,800-18,900<\/strong>. It’s guaranteed? Of course not, but it’s something I’ll certainly keep an eye on.” declared<\/a> the day before Caleb Franzen, Senior Market Analyst at Cubic Analytics, alongside various charts.<\/p>\n

\u201cSimply put, every breakout has resulted in price retesting the previous sell-off low. These ‘capitulation wicks’ became the nice price target once the support trendline failed, which eventually led to a new “capitulation wick. The bulls want this pattern to end.”<\/p><\/blockquote>\n

Weekly lows came in at $19,500 for the BTC\/USD pair, and these slowly came in for a test as the pair slipped below $19,800 at the time of writing.<\/p>\n

The dollar goes up <\/h2>\n

Regarding the US dollar, while risk assets fall, analyst JACKIS expected a top to come soon after the re-emergence of twenty-year highs this week.<\/p>\n

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$DXY<\/a> closed the daily truly as an SFP and continues its correction today.<\/p>\n

Remember lads, not confirmed top, until the low is lost but its a start<\/p>\n

A break of the low would most likely result in BTC going to 22.5K \u270d\ufe0f https:\/\/t.co\/5kV7yz7gLU pic.twitter.com\/PVbR9wDGJv<\/a><\/p>\n

\u2014 JACKIS (@i_am_jackis) August 30, 2022<\/a>\n<\/p><\/blockquote>\n

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$DXY truly closed the day as an SFP and continues its correction today.<\/p>\n

Remember guys, it’s not a confirmed top, until the minimum is lost but it’s a start<\/p>\n

If the minimum is broken, BTC will most likely go to USD 22,500 \u270d\ufe0f<\/p>\n<\/blockquote>\n

Nevertheless, the US Dollar Index (DXY) rallied on the day, taking it above 109 and within 0.5 of the previous day’s highs. <\/strong><\/p>\n

In the event of a flip in shorter timeframes, he forecasts, Bitcoin could gain the necessary momentum to break above $22,500.<\/p>\n

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1 hour candlestick chart of the US dollar index (DXY). Source: TradingView<\/em><\/figcaption><\/figure>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risk, you must do your own research when making a decision.<\/em><\/p>\n<\/div>\n

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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.<\/p>\n<\/div>\n