BTC is clearly in a bull market, evidenced by its recent surge to a new all-time high. Nevertheless, the cryptocurrency has endured some immense volatility over the past few days as the bears step up to invalidate the strength seen in BTC markets throughout the past month.
A surge in intraday volatility followed the recent monthly close above $19,800, but there is a positive sign in this turbulent price action; rejections near the ATH appear to be diminishing, with the bulls setting higher-lows with each dip.
BTC first plunged to $16,400 following a retracement from its highs within the mid-to-upper $19K region. The bulls managed to find support near $16,300, leading to a sharp rebound that drove prices past $19K.
A secondary dip came yesterday following another attempt by the bulls to break above its previous highs, leading to the bears pushing BTC to lows of $18,200.
This trend indicates that bears are gradually losing their control over the latest peak, pointing to an imminent breakout into the $20K region.
Legendary Analyst Calls Top In BTC Price
BTC is now trading above $19K after experiencing strong corrections over the past 24 hours.
BTCUSD Chart By TradingView
The ongoing intraday volatility saw BTC endure an intense selloff that resulted in a 10% retracement and $1,800 drop within an hour. Then, the benchmark cryptocurrency rallied by over $1,500 in the next three hours, leading a legendary analyst to call a top in BTC.
John Bollinger, the creator of the Bollinger Bands, suggested that the price pattern produced could be a “classic top setup.”
“OK, time to pay attention, $BTCUSD. That is a classic top setup. No confirmation yet and the setup could easily be overrun, but wise traders should wash their glasses,” the technical analyst tweeted.
ETH Price Could Plunge Below $570
Ethereum, the world’s second-largest cryptocurrency, started the day with a decent increase above the $600 and $620 levels.
The ETHUSD pair even traded to a new yearly high at $636, as the bulls gained control of the altcoin’s short-term price action. However, ETH faced a severe rejection at this level, resulting in a sharp decline. .
At the time of writing, ETH changes hands for $597, with a bearish trend line forming with resistance near $590. If the pair fails to stay above $570, there is a risk of more downsides in the near future.
ETHUSD Chart by TradingView