Bitcoin (BTC) Analysis After Daily Close: What are the High Levels?

It closed the day at $23,934. bitcoinAlthough , experienced an increase of 4 percent during the day, it lost this acceleration and ended the day at the same levels as yesterday’s closing.

#Bitcoin Daily Closing Price: $23934

— Bitcoin System (@bitcoinsystem) August 12, 2022

Although the rise of Ethereum to the level of 1950 dollars in the last 24 hours gave life to the market, the inability to maintain these levels could not continue the rally.

Especially, the rises seen on the ETH side caused Bitcoin dominance to drop to 40.90 percent, while this level was last seen in May, which is an important data.

Especially the rises on the ETH/BTC side can make the altcoin market move even more.

What Does the Bitcoin Chart Show?

Looking at the Bitcoin side, it is seen that the rally experienced during the day was up to the 100-day moving average passing from the $ 25,200 levels, but this resistance could not be broken.

These levels will be very decisive, especially for the BTC price, which is priced within the yellow trend line. While the support part of the yellow line is the reasonable level for the buy-side position, in case of a break below, the stop way can be preferred.

Again, the upper part of the yellow trend line is an important resistance zone since June. This level can be a selling point for investors who hold property. If it is broken, new investment positions can be evaluated by stopping below this level.

The fact that the inflation data, which will directly affect the FED’s interest rate moves, are positive and that there will be no FED meeting in August, strengthens the possibility that the increases will continue in August.

*Not investment advice.