Bitcoin Erases Latest Gains With BTC Price Below $20,000 As Dollar Climbs
Bitcoin falls along with US stocks as dollar builds momentum to attack 20-year highs.
Market Update
Bitcoin (BTC) fell back below $20,000 after Wall Street opened on August 30, with data showing hodlers were selling at a loss.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView captured the latest dive below the 2017 bull market peak for BTC/USD, with US stocks falling at the same time.
The S&P 500 and Nasdaq composite indices lost 1.1% and 1.25% respectively in the first hour, while BTC/USD lost 2.5% in a single hourly candle.
The latest moves came as no surprise to traders who were already fearing a deeper correction for the biggest cryptocurrency. Previously, many had called for a retracement to the macro lows seen in June.
For popular Crypto trader Ed, Bitcoin and Ether (ETH) offered good opportunities for an upcoming short trade. In the case of Bitcoin, the target was $18,000 if the area around $19,800 did not hold.
Crypto's popular Il Capo account is stuck on a major support tip at $19,000, with $16,000 becoming a target on weakness.
$BTC https://t.co/Mwr6gx07F8 photo...
Bitcoin falls along with US stocks as dollar builds momentum to attack 20-year highs.
Market Update
Bitcoin (BTC) fell back below $20,000 after Wall Street opened on August 30, with data showing hodlers were selling at a loss.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView captured the latest dive below the 2017 bull market peak for BTC/USD, with US stocks falling at the same time.
The S&P 500 and Nasdaq composite indices lost 1.1% and 1.25% respectively in the first hour, while BTC/USD lost 2.5% in a single hourly candle.
The latest moves came as no surprise to traders who were already fearing a deeper correction for the biggest cryptocurrency. Previously, many had called for a retracement to the macro lows seen in June.
For popular Crypto trader Ed, Bitcoin and Ether (ETH) offered good opportunities for an upcoming short trade. In the case of Bitcoin, the target was $18,000 if the area around $19,800 did not hold.
Crypto's popular Il Capo account is stuck on a major support tip at $19,000, with $16,000 becoming a target on weakness.
$BTC https://t.co/Mwr6gx07F8 photo...
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