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

High time for a deeper retracement on Bitcoin's 'relief' rally, commentators say, but bullish targets $28,000 remains on the table.

Market Update

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

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

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

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

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

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

Another Jibon trader showed similar caution, who said he would even prefer to wait and “buy higher” than the spot price to rule out any trend reversal.

If you see my tweet and buy $BTC at 18-19K, then you make 30% profit (unleveraged).< /p>

To be honest, right now I don't feel safe. I will buy higher.