Bitcoin (BTC), hovered around $22,000 at Wall Street’s July 18 open, as analysts warned that bulls wouldn’t break resistance in one hit.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Can Bitcoin win back support from the bear market?
Cointelegraph Markets Pro data and TradingView data showed that BTC/USD was consolidating after hitting highs at $22,500 on Bitstamp.
This level was the beginning of sell-side positions on the exchanges. It was located around the 200-week moving mean (WMA), which is a key area that commentators said would be difficult to crack.
In his most recent update, Michael van de Poppe, a Cointelegraph contributor, stated that he didn’t expect Bitcoin to continue at this point because we are facing 200-Week MA and range resistance.
Rekt Capital, a fellow analyst and trader, was skeptical that Bitcoin would continue its upward momentum right away.
#BTC is still below the 200-week MA resistance. Until then, it’s technically premature for us to assume that this is a sustained relief rally$BTC#Crypto #Bitcoin
Rekt Capital (@rektcapital), July 18, 2022
Van de Poppe said that at the current market levels, a break for the market would still be profitable. He concluded:
“Slight consolidation will trigger continuation. Break above $22.6K would trigger massive longs towards $28K. It’s a good time.
Bitcoin and altcoins both made the most of the relief on equity markets that day with Asia and the United States seeing modest gains, as the U.S. dollar fell.
At the time of writing (one hour after the opening bell), the S&P 500 Index and the Nasdaq Composite Index were respectively up 0.7% & 1%.
Whalemap, an on-chain analytics resource, forecasts “Prime Time for Bitcoin”, offering a more optimistic view based on major buyers interest below the spot price.
Prime time for #Bitcoin Bounce from whale supports at ~$21k and we are ready to pic.twitter.com/x8hcmcgUw0
— Whalemap (@whale_map July 18, 2022
Material Indicators, a fellow monitoring resource, showed similar support for the Binance order books.
BTC/USD order books data (Binance). Source: Material Indicators
Ethereum keeps performance
Altcoins showed that the show was being stolen by Ether, which lingers at $1,500, having reached its highest level in over a month. It also saw huge gains against BTC.
Related: BTC miners “finally surrender” — 5 things you need to know about Bitcoin this week
ETH/USD 1-day candle charts (Binance). Source: TradingView
ETH/USD beat even Bitcoin’s progress. It was the darling trader of the day, firmly upending previously dire price action that had been in place since May at the Terra (LUNA), now Terra Classic (LUNC), debacle.
This is the first time in 110 days that #Ethereum has entered a bullish trend. It prints Higher Lows and Higher Highs. Bears in disbelief.#cryptocurrency pic.twitter.com/MA2KAYzyWu
— Wolf (@ImNotTheWolf July 17, 2022
The next resistance came in the form Ethereum’s record high of $1,530 from the previous Bitcoin-halving cycle, which it reached in early 2018.
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