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Bitcoin price corrects after hitting a wall at a multi-month descending trendline

Published 08/15/2022, 04:48 PM
Updated 08/16/2022, 04:40 AM
Bitcoin price corrects after hitting a wall at a multi-month descending trendline
DJI
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BTC/USD
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On Aug. 15, Bitcoin (BTC) price and the wider market corrected while the S&P 500 and DOW looked to build on four-straight weeks of robust gains. Data from TradingView and CNBC show the Dow pushing through its 200-day moving average, a first since April 21 and perhaps a sign for bulls that the market has bottomed.

Dow Jones Industrial Average Index (DJI). Source: TradingView

While equities markets have been strikingly bullish in the face of high inflation and a steady schedule of interest rate hikes, a number of traders fear that the current 32-day uptrend in the DOW and S&P 500 could be a bear market rally.

AVAX, FTM and SOL daily chart. Source: TradingView

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