As a result of a widely expected fall from the two-month highs, Bitcoin ( BTC), fell on Aug. 12.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
The pivot is a 200-week moving mean
Data from Cointelegraph Markets Pro, TradingView indicated that BTC/USD dropped to $23,615 at Bitstamp before the Wall Street opening. This represented a loss of approximately 5.2% over 24 hours.
The pair’s highest level since June 13 was due to enthusiasm over falling US inflation and news that BlackRock, the world’s biggest asset manager, was launching a Bitcoin-private fund.
Some commentators expected Bitcoin to overcome resistance closer to $30,000, but others were cautious and feared that Bitcoin would continue to slide.
Target 1 hit https://t.co/iBA8qRrEOq
— Crypto Tony (@CryptoTony__)
August 12, 2022
“Volume is falling. “Channels are not impulses, but corrections,” popular trading account Il Capo from Crypto wrote during its most recent update.
“Most people expect 28k or more, but the high level is 25000-25500.
Another post confirmed the notion that recent gains were part a “bear-market rally”.
Jibon, a fellow trader, meanwhile, drew attention to Bitcoin’s 200 week moving average (MA), currently at $23,000.
It was reclaimed during the run-up and the bear market support level was fast approaching, as the spot price fell.
warned that 200 MA rejections could lead to a drop in a part of a new post.
Ethereum is “very strong”
Crypto Ed struck a positive tone and continued to predict further gains for Bitcoin and the largest altcoin Ethereum ( ETH).
Similar: ETH developers move earlier for Merge
He said that despite calling the $1,900 trip for ETH/USD a success, a $29,000 breakout was still possible for BTC/USD.
Similar move in #BTC would be 28-29k
This shouldn’t surprise anyone who follows me. I’ve been calling it for weeks in my YT update. https://t.co/Y1lPwNAPKx pic.twitter.com/4Q5UmNqOGy— Ed_NL (@Crypto_Ed_NL)
August 12, 2022
Crypto Ed stated in a YouTube update that if a retracement enters next, a suitable position for BTC would then be $23,400.
“Is there any bearish news for me?” He continued, “I think that if we get below $22,000, we have a bearish test of that level.”
TechDev , a fellow trader, described Ethereum’s price action as “very powerful,” noting that ETH/USD had recovered its 20-week exponential moving mean while BTC/USD “still fighting” for the 10-week equivalent.
ETH/USD 1-hour candle chart (Binance). Source: TradingView
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
