Title: Bitcoin hits $25K as bearish voices call BTC price ‘double top’

Aug 15, 2022 04:20AM ET

By: AnalysisWatch

Data from Cointelegraph Markets Pro and TradingView noted a sudden surge in BTC/USD, which reached $25,050 on Bitstamp in a $350 hourly candle.

The move took the pair to a new personal best since June 13, erasing the losses recorded that day in what remains a significant BTC price correction.

Analyzing the market setup, however, the familiar bearish tones remained.

For popular Twitter account The Chief of Crypto, the latest highs appear to provide the last piece of the puzzle before a new downtrend.

Previously, the Chief had hoped for a peak of $25,000 to $25,500 before Bitcoin changed direction and went down. Others hoped for a continuation of the trend, including Dave the Wave, who saw encouraging signs from Bitcoin's moving average convergence divergence indicator (MACD) as evidence.

A classic trend indicator, the MACD allows traders to assess the strength of a particular chart trend by providing buy and sell signals across multiple timeframes. Looking forward, however, many traders were willing to bet on bullish timeframes.