Bitcoin (BTC) fell quickly on Aug. 19 because the end result of per week’s sideways motion resulted in disappointment for bulls.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

New lows “only a matter of time”

Knowledge from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it dropped 6.2% in a single hourly candle.

Reacting, merchants hoped {that a} rebound may permit for consolidation increased than present spot value ranges, which have been beneath $22,000 on the time of writing.

“Effectively, hopefully that was liquidity looking for, in any other case it is over,” a dismal Crypto Chase told Twitter followers.

Fellow account Il Capo of Crypto, who had lengthy forecast a return to decrease ranges, was resigned to new lows being “only a matter of time.”

Consolidation beneath $22,500, he warned in his newest replace, can be “very bearish.”

Previous to the drop, in the meantime, analyst Venturefounder said that any value beneath $23,000 can be a “respectable value to purchase in the long run,” including that it was unlikely that Bitcoin had exited its bear market to this point.

Relative energy index (RSI) being nonetheless close to all-time lows spoke to the extent to which BTC/USD was oversold, he argued.

There have been nonetheless indicators of shopping for rising beneath key bear market assist ranges together with the 200-week moving average and key whale entry levels.

BTC/USD 1-week candle chart (Bitstamp) with 200-week transferring common. Supply: TradingView

In accordance with information from on-chain analytics agency CryptoQuant, trade outflows for the primary few hours of Aug. 19 already totaled 21,500 BTC.

Bitcoin trade outflows chart. Supply: CryptoQuant

Ether retraces August features

On altcoins, the knock-on influence of Bitcoin’s return to three-week lows was predictably keenly felt.

Associated: Options data shows Bitcoin’s short-term uptrend is at risk if BTC falls below $23K

Ether (ETH), the most important altcoin by market cap, was down 5.2% on the day on the time of writing, buying and selling close to $1,750.

ETH/USD 1-day candle chart (Binance). Supply: TradingView

Elsewhere, different main tokens misplaced in extra of 11%, with Dogecoin (DOGE) the worst performer within the prime ten, down 13.6%.

“Bear bias now until $1790 is reclaimed/flipped to assist,” Crypto Chase added about ETH in a part of a separate tweet.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a call.