Here are Bitcoin price levels to watch as BTC dips 5% from highs

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bitcoin (BTC), which fell from its two-month highs on Aug. 12, started to fall.

The pivot is a 200-week moving mean

” Most people expect 28k or more, but the high level is 25000-25500.”

Another post confirmed the concept that recent gains were part a “bear-market rally.”

Some analysts expected Bitcoin to conquer resistance closer to $30,000, however others were cautious and feared that Bitcoin would continue to move.

” Volume has been decreasing.” “Channels are not impulses, however corrections,” Il Capo of Crypto, a popular trading account wrote in its most recent update.

Jibon, a fellow trader, meanwhile, accentuated Bitcoins 200 week moving average (MA), currently at $23,000.

The set was at its highest level because June 13, when it was driven by enthusiasm about declining US inflation and the statement that BlackRock, the worlds most significant possession manager, had introduced a Bitcoin private fund.

He warned that if 200 MA decline, be all set for some drop in a part of a new post.

Information from TradingView and Cointelegraph Markets Pro revealed that BTC/USD dropped to $23,615 on Bitstamp just before the Wall Street opening, marking a loss of around 5.2% over 24 hours.

It was recovered throughout the bear and the run-up market assistance level was fast approaching, as the spot rate fell.

Target 1 hit https://t.co/iBA8qRrEOq
— Crypto Tony (@CryptoTony__ August 12, 2022

Ethereum is “very strong”

Crypto Ed struck a favorable tone while Crypto Ed maintained its predictions for further gains for Bitcoin and the biggest altcoin Ethereum, (ETH).

Related: Merge is coming earlier: ETH developers move up the date

He said that in spite of calling the $1,900 journey for ETH/USD a success, a $29,000 breakout was still possible for BTC/USD.

Crypto Ed also mentioned that if a retracement happens next, an ideal position for BTC long-lasting would be $23,400.

The same move in #BTC would equate to 28-29k. This should not amaze anybody who follows me. Ive 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

TechDev, a fellow trader, described Ethereums price action as “very powerful,” keeping in mind that Ethereum/USD had actually regained its 20-week exponential moving mean while BTC/USD was “still battling the 10-week equivalent.”

” Is there any bearish news for me?” He continued, “I believe that if we get below $22,000, we have a bearish test of that level.”

1 hour candle light chart of ETH/USD (Binance). Source: TradingViewcom. You need to do your research study before making any investment or trading decision.
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The exact same move in #BTC would translate to 28-29k. Ive been calling it for weeks in my YT upgrade. 1 hour candle chart of ETH/USD (Binance). Source: TradingViewcom. You ought to do your research prior to making any investment or trading choice.

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