Bitcoin (BTC) is already on the descending branch again on today, August 12, which means that after a two-month high, the expected downturn could slowly come again.
Bitcoin Hourly Chart (Bitstamp). Source: TradingView
200-Week MA as a decisive brand
As the data from Cointelegraph Markets Pro and TradingView show, the Bitcoin price has accordingly slipped to a daily low of $ 23,615, which means a decline of 5.2% in the last 24 hours.
Previously, the market-leading cryptocurrency had reached its highest level since June 13, which was significantly boosted by the reports that inflation figures in the US have now fallen again and that the influential asset management company BlackRock is launching a Bitcoin investment fund.
While some observers had hoped that Bitcoin could take this momentum with it to climb further towards $ 30,000, others have remained cautious, because a new downtrend does not yet seem to be finally off the table.
Target 1 hit https://t.co/iBA8qRrEOq
– Crypto Tony (@CryptoTony__) August 12, 2022
“The volume is decreasing. The movements are not impulses, but corrections“, as the trader Il Capo of Crypto warns for this reason. To which he appends:
“Most people are hoping for $28,000 or more, but the important mark is first at $25,000 – $25,500.“
In another post, he reiterated that the current climbing period is still part of an ongoing bear market, which is why hopes should be muted.
His colleague Jibon, in turn, points to the 200-Week Moving Average (MA) at $ 23,000 as a decisive mark.
After this could be recaptured with the current high flight, this support must now inevitably hold on the weekend in order to avoid further losses.
“If this does not hold 200 MA, then get ready for new losses,” as the trader warns.
Ethereum remains strong
Meanwhile, influencer Crypto Ed is sticking to his positive forecast for Bitcoin and altcoin market leader Ethereum (ETH).
Having already predicted the rise to $ 1,900 for the Ethereum price, the expert continues to see a jump above $ 29,000 for Bitcoin as far as possible.
Same move in #BTC would mean 28-29k
But that shouldn’t surprise you when following me. Already calling that for weeks in my YT updates. https://t.co/Y1lPwNAPKx pic.twitter.com/4Q5UmNqOGy
– Ed_NL (@Crypto_Ed_NL) August 12, 2022
In the related YouTube update, Crypto Ed has emphasized that if BTC returns, it can be purchased again at the latest at $ 23,400.
“Is there anything negative? I think that only if we fall back below $ 22,000 and this brand is subjected to a new test, then that would be bad,“ Crypto Ed said rather optimistically.
Trader TechDev also sees the current price development of Ethereum as “very strong”, because ETH has recaptured the 20-week Exponential Moving average, while Bitcoin is still struggling for the 10-week EMA.