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Bitcoin (BTC) has risen to a seven-day high of over $ 24,000 this week, reaching its highest price level since mid-June.
However, the benchmark cryptocurrency turned out to be difficult to break high in the cooling after being pushed to a low of $ 22,600 on Friday night.
Market observers, including analysts at JP Morgan and Citi, say the sentiment of the entire market is improving as the negatives heightened by the recent turmoil are resolved. But what BTC level are analysts looking at?
Popular crypto analyst Rekt Capital To tell The next key move for BTC / USD this week is to achieve a weekly candlestick above the 200-week moving average. In that case, the main price level is around $ 22.8k.
“”BTC seesaws around MA for 200 weeks all week“The analyst said,”Most important is the confirmation associated with the 200 week MA in the form of a weekly candle close. A 200 week MA represents a price of $ 22,800.. “
Cryptographic Trader Meinu suggest To maintain a positive outlook this week, bulls need to hold over $ 22.5k.
“”A simple view, potential range occurs. If you can maintain the height of $ 22.5k / range, the upside may be juicy. Losing a high range, this was probably a deviation.Moving beyond the range poses a risk of returning the short to the range... “
Another analyst, pseudonym Shardi B, said Friday’s 1.87% drop in Nasdaq could cascade to the crypto market. This is a likely scenario given the high correlation between risk assets (crypto and equities).
Nasdaq fell off a cliff … where it caused short-term damage …
I’m looking at the $ 22.768 line … pic.twitter.com/ywlgZsrlKL
Don’t follow Shardi B if you hate money $ (@ ShardiB2) July 22, 2022
CryptoGodJon, a crypto trader, says that if you flip high and exceed $ 24.5k, you can plunge into the range of $ 27k to $ 28k. However, a drop from the current level could easily pave the way for less than $ 20,000.
I think it’s a big move #BTC Will happen soon
Breaking through the top and holding $ 24,200 I think we’ll squeeze to $ 27- $ 28k pretty quickly
Once we get back in range and start accepting, I’m looking for a flash up to $ 20,000
Both are very easy to disable. Please ensure your safety. pic.twitter.com/YVw7PGKK44
CryptoGodJohn (@CryptoGodJohn) July 22, 2022
