Bitcoin 'very bearish' below $22.5K says trader as BTC price dives 6%

Trading participants responded by hoping recovery would enable consolidation above the present spot price degrees, which at the time of writing were below $22,000.

A dejected Crypto Chase informed his Twitter followers it's all null and void if it wasn't liquidity seeking. He also stated about ETH in a subsequent tweet that bias now exists in bear unless $1790 is reclaimed/flipped to support.

A similar account Il Capo of Crypto, had previously predicted a comeback to lower levels and was content that fresh lows wouldn't last long. He supported this statement in his most recent update saying that consolidation below $22,500 would be highly pessimistic.

Analyst Venturefounder previously stated that any price $23,000 is above would be an advisable price to buy in with time to the decline. He added that it was improbable that Bitcoin had already departed its bear market.

He claimed that the relative strength index (RSI) was still very close to all-time lows indicating how overestimated BTC/USD was.Despite this development, purchase signals started to emerge below crucial bear market backing degrees like the 200-week moving average and vital whale entry levels.

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Reports from on-chain analytics company CryptoQuant show that during the first few hours of August 19, exchange outflows have reached 21,500 BTC.

Source: CryptoQuant

As expected, the fallout from Bitcoin's comeback to three-week lows sharply impacted the altcoin market the most. Ether (ETH), the biggest altcoin by market cap, isn't left out either, as, at the time of writing, it was trading close to $1,750, down 5.2% on Aug 19.

Other significant tokens suffered losses of more than 11%. Dogecoin (DOGE) was the first on the worst performance list among the top 10, down 13.6%.

When recent news was taking an encouraging turn in the crypto market, this development has proven that all isn't rosy with the top altcoins in the crypto market.

How do you think this reality will influence changes in the cryptocurrency market? What do you think some of these changes are? Please share your thoughts with us in the comment section.