is repeating the price action from May with the latest drop. After down around 10% yesterday, the trip to $25,000 seems to be getting further and further away.

Chart /. The source: TradingView

US Stocks

U.S. stocks fell sharply on Friday (August 19), as Wall Street's summer rally faltered and concerns about higher interest rates re-emerged, sending the major stock indexes to close the week with reduction level.

Ending the session, the S&P 500 index dropped 1,29% to 4,228 points. Meanwhile, the Dow Jones index lost 292 points (equivalent to 0.86%) to 33,706 points. The Nasdaq Composite Index fell 2,01% to 12,705.

Last week, the S&P 500 lost 1,21%, while the Dow Jones dropped 0.16% and the Nasdaq Composite dropped 2,62%.

Wall Street's summer rally stalled on Friday as the minutes of the US Federal Reserve's July meeting and comments from the St. Louis, James Bullard, suggests that the central bank is likely to continue raising interest rates in the near term, hampering investors' hopes for a slower pace of rate hikes.

Despite the week's decline, many investors are hoping for a market recovery.

In other news, about $2 trillion in notional value of options contracts expired on Friday. The expiration of options contracts can create additional volatility in the market as some holders may be forced to change positions.

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Oil prices steadied on Friday, but fell over the past week on a stronger dollar and concerns that an economic slowdown will dampen demand for crude. Ending the session, the Brent oil contract inched up 13 cents to $96.72 a barrel. The WTI oil contract advanced 27 cents to $90.77 a barrel. Both oil contracts fell 1.5% in the past week.

Gold prices fell for the fifth consecutive session on August 19, marking the longest losing streak since November 2021, as the attractiveness of gold decreased because of a stronger dollar and more US interest rate hikes to come. . At the end of the session, the spot gold contract dropped 0.6% to $1,748/oz, touching the lowest level since July 28 at the beginning of the session. Gold futures lost 0.5% to $1,762/oz.

Bitcoin and Altcoins

Bloodbath unlike the flash crashes seen before. Price dropped around 10%, then slightly recovered the losses before resuming the downtrend. Analysts are assessing the bottom where, when BTC slipped below $21k.

Market suffered a bloodbath and plummeted in yesterday's trading session. and the saw double-digit losses.

The reason for the crypto bloodbath remains largely unclear. Susannah Streeter, senior investment and market analyst at Hargreaves London said:

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“Didn't see the pattern of a flash crash, as the asset didn't immediately rebound strongly, but even sank lower in the hours that followed. Looks like this is the result of a big sale.”

Trader CryptoCapo believes that price Bitcoin ready to plummet to new lows. The analyst argues that Bitcoin's resistance level is $ 23,500. This is an opportunity to sell the property. If Bitcoin consolidates below $ 21,000, the downtrend is likely to continue until BTC price hits a new low.

BTC chart/ 4 hours. Source: TradingView

Justin Bennett argues that Bitcoin price is likely to drop lower. The analyst has identified four possible bottoms for the Bitcoin price. For now, $ 10,000 looks like a price bottom based on the June flag. In his recent tweet, Bennett discussed all four bottom scenarios and concluded that BTC price has the potential for a deeper drop.

BTC/USD chart. Source: TradingView

Toward , the comfort of taking profit turned into a sell-off frenzy. Price finally dropped 17%. Once there, the bears successfully broke an ascending wedge, a key confluence signal for the side bears to enter the market.

Price Ethereum rallied to a high of $ 2,030 on Saturday before starting to crash. the biggest currently move at $1.628 as bears successfully penetrated the 21-day moving average. The weekend could pull the price back to the broken barriers. However, market theory suggests a retracement towards $ 1571 and $ 1450. The Volume Profile Indicator distorts the bearish outlook as increased selling pressure has been displayed on the 1-hour timeframe.

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Chart /USDT. Source: TradingView

As for the rest of the top 100, with being the first cryptocurrency to drop in price in a bloodbath, then , Shiba Inu and other altcoins followed suit. At the time of writing, ETC is the biggest loser, losing nearly 12% on the day. Next is , KLAY, and FIL are both dropping about 10% over the same time period.

Source: Coinmarketcap

On the upside, the CEL of is leading a handful of bulls with a profit of around 10% in the last 24 hours. Followed by TWT of Tokens (+4%) and together is increasing 2%.

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