Bitcoin (BTC) fell on August 12 as a widely expected pullback from two-month highs began to take shape.
The 200-week moving average will be a pivot.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell to $23,615 on Bitstamp before the day’s Wall Street open, marking a 24-hour loss of around 5.2%.
The pair hit its highest level since June 13, buoyed by a slowdown in US inflation coupled with news that the world’s largest asset manager, BlackRock, is launching a private Bitcoin fund.
While some analysts expect Bitcoin to withstand resistance near $30,000 as a result, others remain cautious, as they suspect a new downtrend may be coming.
Target 1 hit https://t.co/iBA8qRrEOq
— CryptoTony (@CryptoTony__) August 12, 2022
“Voice is dying. Channels are not impulses but corrections,” wrote Il Capo of Crypto, a popular trading account. Latest update On that day.
An additional post reinforces the idea that the recent gains are part of a “bear market rally.”
Fellow trader Jibon, meanwhile, drew attention to Bitcoin’s 200-week moving average (MA), which is currently near $23,000.
An important bear market support level was now rapidly approaching as spot prices weakened after a rebound during the run.
“If 200 MA decline, some drop ready,” he warned Part of a new post that day.
Ethereum remains “very strong”.
Meanwhile, striking a more positive tone, Crypto Ed stuck to further profit forecasts for both Bitcoin and major altcoin Ethereum (ETH).
Related: Coming soon: ETH devs push integration date
After calling the trip to $1,900 for ETH/USD, a drop to $29,000 was still on the cards for BTC/USD, he said on the day.
– Ed_NL (@Crypto_Ed_NL) August 12, 2022
In a related YouTube update, Crypto Ed added that if a retracement comes in next, a suitable long position for BTC will be $23,400.
“Is there anything that hurts me? I think it’s only if we go below $22,000 and have that level of ambient testing,” he continued.
About Ethereum, built-in merchant TechDev It is described Price action as “very strong”, BTC/USD “still fighting” its 10-week counterpart, while ETH/USD retook its 20-week exponential moving average.
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