Bitcoin (BTC), which fell from its two-month highs on Aug. 12, began to fall.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
The pivot is a 200-week moving mean
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD dropped to $23,615 on Bitstamp just before the Wall Street opening, which was a loss of approximately 5.2% over 24 hours.
The pair was at its highest level since June 13, when it was driven by enthusiasm about declining US inflation and the announcement that BlackRock, the world’s biggest asset manager, had launched 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 has been declining.” “Channels are not impulses, but corrections,” Il Capo of Crypto, a popular trading account wrote in 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.
He warned that if 200 MA reject, be ready for some drop in a part of a new post.
Ethereum is “very strong”
Crypto Ed struck a positive tone while Crypto Ed maintained its predictions for further gains for Bitcoin and the largest altcoin Ethereum, (ETH).
Related: Merge is coming sooner: ETH developers move up the date
He said that despite calling the $1,900 trip for ETH/USD a success, a $29,000 breakout was still possible for BTC/USD.
The same move in #BTC would translate to 28-29k. But 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 also stated that if a retracement occurs next, a suitable position for BTC long-term would 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 Ethereum/USD had reclaimed their 20-week exponential moving mean while BTC/USD “still fighting” for the 10-week equivalent.
1 hour candle chart of ETH/USD (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.
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