Here are Bitcoin price levels to watch as BTC dips 5% from highs
Bitcoin (BTC) headed lower on Aug. 12 as a broadly expected comedown from two-month highs began to take shape.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $23,615 on Bitstamp prior to the day's Wall Street open, marking 24-hour losses of around 5.2%.
The pair had seen its highest levels since June 13 as enthusiasm over declining United States inflation combined with news that the world's largest asset manager, BlackRock, was launching a Bitcoin private fund.
While some commentators hoped for Bitcoin to tackle resistance closer to $30,000 as a result, others remained cautious, with suspicions that a fresh downtrend could ensue remaining.
Target 1 hit https://t.co/iBA8qRrEOq
"Volume is dying. Channels are not impulses but corrections," popular trading account Il Capo of Crypto wrote in its latest update on the day.
A further post reinforced the idea that the recent gains were part of a "bear market rally."
Fellow trader Jibon meanwhile drew fresh attention to Bitcoin's 200-week moving average (MA), currently near $23,000.
After reclaiming it during the run-up, the important bear market support level was now fast approaching as spot price weakened.
"If 200 MA Reject, Ready for Some Drop," he warned in part of a fresh post on the day.
Striking a more positive tone, meanwhile, Crypto Ed stuck by predictions of further gains for both Bitcoin and largest altcoin Ethereum (ETH).
Related: Coming sooner: ETH devs move up the date for Merge
Having called the trip to $1,900 for ETH/USD, a breakout to $29,000 was still on the cards for BTC/USD, he said on the day.
Same move in #BTC would mean 28-29kBut that shouldn't surprise you when following me. Already calling that for weeks in my YT updates.
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