Bitcoin (BTC<\/a>) fell back below $20,000 after the Aug. 30 Wall Street open as data showed hodlers selling at a loss.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> captured the latest dive below the 2017 bull market peak for BTC\/USD, with United States equities dropping in step.<\/p>\n The S&P 500 and Nasdaq Composite Index lost 1.1% and 1.25% in the first hour, respectively, while BTC\/USD shed 2.5% during a single hourly candle.<\/p>\n The latest moves came as no surprise to traders already wary of a deeper correction for the largest cryptocurrency. Previously, many had called for a retracement toward the macro lows seen in June. <\/p>\n For popular trader Crypto Ed, both Bitcoin and Ether (ETH<\/a>) offered<\/a> good opportunities for an upcoming short trade. In Bitcoin\u2019s case, the target was $18,000 if the area of around $19,800 failed to hold.<\/p>\n Fellow popular account Il Capo of Crypto stuck<\/a> by a prognosis for major support at $19,000, with $16,000 then becoming a target should weakness prevail.<\/p>\n $BTC<\/a> https:\/\/t.co\/Mwr6gx07F8<\/a> pic.twitter.com\/tJMptAEvFt<\/a><\/p>\n \u2014 il Capo Of Crypto (@CryptoCapo_) August 30, 2022<\/a><\/p><\/blockquote>\n He subsequently noted<\/a> that fading ask positions on derivatives platforms had opened up the potential for a fresh relief bounce.<\/p>\n \u201cFeels like Bitcoin has a date with the red range below, between $17.8k\u2013$18.9k. Is it guaranteed? Absolutely not, but it’s certainly something I’ll be watching for,\u201d Caleb Franzen, senior market analyst at Cubic Analytics, stated<\/a> the day prior alongside various charts. <\/p>\n \u201cQuite simply, each breakdown has resulted in price retesting the low of the prior selloff. These “capitulation wicks” became the nice price target once the support trendline failed, eventually leading to a new “capitulation wick.” Bulls want this pattern to end.\u201d<\/p><\/blockquote>\n Weekly lows stood at $19,500 for BTC\/USD, these coming in slowfor a test as the pair slid below $19,800 at the time of writing.<\/p>\n Turning to the U.S. dollar as risk assets tumbled, analyst JACKIS hoped that a top would soon be in after twenty-year highs reappeared this week<\/a>.<\/p>\n Related:\u00a0BTC price top warnings emerge as 10K BTC leaves wallet after 9 years<\/a><\/em><\/strong><\/p>\n $DXY<\/a> closed the daily truly as an SFP and continues its correction today.<\/p>\n Remember lads, not confirmed top, until the low is lost but its a start<\/p>\n A break of the low would most likely result in BTC going to 22.5K ✍️ https:\/\/t.co\/5kV7yz7gLU<\/a> pic.twitter.com\/PVbR9wDGJv<\/a><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/a625c171-fc5b-42e9-b9fa-dd2a26f22eb7.png\")
June lows look increasingly attractive<\/h2>\n
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Dollar heads higher\u00a0<\/h2>\n
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