Bitcoin (BTC) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go.
Can Bitcoin win back bear market support?
Daten vum Cointelegraph Mäert Pro an TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.
That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.
“Not expecting continuation on Bitcoin, at this point, as we’re facing 200-Week MA & range resistance,” Cointelegraph contributor Michaël van de Poppe gesot Twitter Follower a sengem leschten Update.
Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.
#BTC still remains below the 200-week MA resistance
Until that level breaks, it’s technically premature to assume this is now a sustained relief rally$ BTC # Krypto #Bitcoin
- Rekt Capital (@rektcapital) Juli 18, 2022
Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:
“Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K. Good times.”
Bounce from whale supports at ~$21k and we are ready to pic.twitter.com/x8hcmcgUw0
- Whalemap (@whale_map) Juli 18, 2022
Data from fellow monitoring resource Material Indicators showed similar support building on the Binance order book.
Ethereum preserves performance
On altcoins, the show was still being stolen by Ether (ETH), which lingered near $1,500 after sealing its highest levels in over a month, with huge gains against BTC abegraff.
Verbonnen: BTC Miner 'endlech kapituléieren' - 5 Saachen fir dës Woch a Bitcoin ze wëssen
Beating even Bitcoin’s progress, ETH/USD was the darling of traders on the day, firmly upending the previously dire price action in place from May onwards at the start of the Terra (LUNA) — now called Terra Classic (LUNC) — debacle.
This is the first time, in 110 Days, that # Ethereum has broken into a bullish trend, printing Higher Lows & Higher High.
Bears in disbelief.#cryptocurrency pic.twitter.com/MA2KAYzyWu
— Wollef (@ImNotTheWolf) Juli 17, 2022
Upcoming resistance lay in the form of Ethereum’s all-time high from the previous Bitcoin Zyklus halbéieren at $1,530, which it touched in early 2018.
D'Meenungen a Meenungen hei ausgedréckt sinn eleng déi vum Autor a spigelen net onbedéngt d'Meenunge vu Cointelegraph.com. All Investitiouns- an Handelsbewegung implizéiert Risiko, Dir sollt Är eege Fuerschung maachen wann Dir eng Entscheedung hëlt.
Source: https://cointelegraph.com/news/bitcoin-price-nears-critical-200-week-moving-average-as-ethereum-touches-1-5k