Bitcoin (BTC) kept traders guessing afterwards Aug. 18 as ane forecast said that a $twoscore,000 dip would be the "nigh obvious" adjacent move.

BTC/USD 1-hour candle chart. Source: TradingView

$37,000 is last hazard saloon for BTC

Information from Cointelegraph Markets Pro and TradingView followed BTC/USD every bit information technology ranged effectually the $45,000 marking on Midweek, with no clear management on lower timeframes.

A dip to $44,200 earlier in the day reversed up, but the pattern for the pair remained a bicycle of lower highs on the hourly chart.

Therefore, Cointelegraph contributor Michaël van de Poppe concluded, a higher low construction marking a corrective phase could appear "quite chop-chop."

"The most obvious case for the markets right now is that we're going to have that corrective move somewhere towards the region of $39,000 to $42,000," he said in his latest YouTube update.

Van de Poppe added that the line in the sand for bulls was around $37,000, which marks the last higher low construction supporting Bitcoin in its current trading zone.

A "crucial breaker" to the upside, he after said, was the $45,600 expanse, which at the fourth dimension of writing was only several hundred dollars away.

MACD back for first time since Bitcoin all-time highs

Zooming out, further context provided bulls with some much-needed respite thanks to ane cardinal indicator flashing "buy."

Related: three ways this Bitcoin bull run is different than belatedly 2022

That came in the course of the weekly moving average convergence/difference (MACD) tool, which as of Aug. 8 has flashed light-green for the first time since Bitcoin was at its all-time highs of $64,500 in April.

The MACD is a archetype interpreting method for charting an asset'due south overall trajectory. The terminal time such a green phase began was in early Q4 2022, corresponding with the springboard for the latest balderdash run to get going.

BTC/USD one-week candle chart (Bitstamp) with MACD. Source: TradingView

As pop Twitter commentator BTC Archive noted concluding calendar week, a similar greenish event in 2022 led to considerable price appreciation.