Bitcoin (BTC<\/a>) fell rapidly on Aug. 19 as the culmination of a week\u2019s sideways action ended in disappointment for bulls.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it dropped 6.2% in a single hourly candle.<\/p>\n Reacting, traders hoped that a rebound could allow for consolidation higher than current spot price levels, which were under $22,000 at the time of writing.<\/p>\n \u201cWell, hopefully that was liquidity seeking, otherwise it’s over,\u201d a gloomy Crypto Chase told<\/a> Twitter followers.<\/p>\n Fellow account Il Capo of Crypto, who had long forecast a return to lower levels, was resigned to new lows being \u201cjust a matter of time.\u201d<\/p>\n Consolidation under $22,500, he warned in his latest update, would be \u201cvery bearish.\u201d<\/p>\n $BTC<\/a><\/p>\n Second option playing out. Any test of 23500 as resistance is a good sell opportunity.<\/p>\n Consolidation below 22500 (clean break + use the level as resistance) would be very bearish = 21k or lower<\/p>\n New lows are just a matter of time. https:\/\/t.co\/MzxrDCZuiZ<\/a> pic.twitter.com\/I5PatYduNW<\/a><\/p>\n \u2014 il Capo Of Crypto (@CryptoCapo_) August 19, 2022<\/a><\/p><\/blockquote>\n Prior to the drop, meanwhile, analyst Venturefounder said<\/a> that any price below $23,000 would be a \u201cdecent price to buy in the long term,\u201d adding that it was unlikely that Bitcoin had exited its bear market so far.<\/p>\n Relative strength index (RSI) being still near all-time lows spoke to the extent to which BTC\/USD was oversold, he argued.<\/p>\n There were nonetheless signs of buying emerging below key bear market<\/a> support levels including the 200-week moving average<\/a>\u00a0and key whale entry levels<\/a>.<\/p>\n According to data from on-chain analytics firm CryptoQuant, exchange outflows for the first few hours of Aug. 19 already totaled<\/a> 21,500 BTC.<\/p>\n On altcoins, the knock-on impact of Bitcoin\u2019s return to three-week lows was predictably keenly felt.<\/p>\n Related:\u00a0Options data shows Bitcoin\u2019s short-term uptrend is at risk if BTC falls below $23K<\/a><\/em><\/strong><\/p>\n Ether (ETH<\/a>), the largest altcoin by market cap, was down 5.2% on the day at the time of writing, trading near $1,750.<\/p>\n Elsewhere, other major tokens lost in excess of 11%, with Dogecoin (DOGE<\/a>) the worst performer in the top ten, down 13.6%.<\/p>\n \u201cBear bias now unless $1790 is reclaimed\/flipped to support,\u201d Crypto Chase added<\/a> about ETH in part of a separate tweet.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/929f698a-6d5d-49ed-b87b-263b204dae60.png\")
New lows \u201cjust a matter of time\u201d<\/h2>\n
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Ether retraces August gains<\/h2>\n
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