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

Familiar support areas are back on the radar after $25,000 proves too much for Bitcoin bulls.

Market Update

Bitcoin (BTC) fell on August 12 as a widely expected decline from two-month highs began to take shape.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

The 200-week moving average becomes the pivot

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD plunging to $23,615 on Bitstamp ahead of the Wall Street open, marking 24-hour losses of around 5.2%.

The pair had seen its highest levels since June 13 on the back of excitement over lower US inflation, combined with news that the world's largest asset manager, BlackRock, launched a private Bitcoin fund.

While some commentators hoped that Bitcoin would tackle resistance closer to $30,000, others remained cautious, suspecting that a new downtrend might ensue.

Target 1 reached https://t.co/iBA8qRrEOq

— Crypto Tony (@CryptoTony__) August 12, 2022

“Volume is dying. Channels are not impulses but corrections,” popular Crypto trading account Il Capo wrote in its latest update today.

"Most people expect 28,000 or more, but the highest level is between 25,000 and 25,500."

Another message reinforced the idea that the recent gains were part of a "bear market".

Looking for...