# This article originally appeared in Market Wrap

By [Virgil Becher](https://paragraph.com/@virgil-becher) · 2022-08-05

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Bitcoin’s ([BTC](https://www.coindesk.com/price/bitcoin/)) price fell 4% on Thursday, and it is testing the trend line illustrated in [Wednesday’s Market Wrap](https://www.coindesk.com/markets/2022/08/03/market-wrap-bitcoin-reverses-course-pushes-higher-21k-is-point-of-control/), as it dropped below $23,000 in early morning trading.

Ether ([ETH](https://www.coindesk.com/price/ethereum/)) declined 3% to below $1,600. BTC and ETH appear to be in a short-term downward trend, as they both have shown seven consecutive negative candles.

**_This article originally appeared in_** [**_Market Wrap_**](https://www.coindesk.com/newsletters/market-wrap/)**_, CoinDesk’s daily newsletter diving into what happened in today's crypto markets._** [**_Subscribe to get it in your inbox every day_**](https://www.coindesk.com/newsletters/market-wrap/)**_._**

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*Originally published on [Virgil Becher](https://paragraph.com/@virgil-becher/this-article-originally-appeared-in-market-wrap)*