Bitcoin (BTC) hovered for $ 22,000 at the Wall Street opening on July 18, as analysts warned that the bull wouldn’t break resistance at once.
Can Bitcoin regain support for the bear market?
Cointelegraph Markets Pro and TradingView After hitting a high of $ 22,500 on Bitstamp, we have shown that BTC / USD will return to integration.
This level represents the start of a sell-side position on a clustered exchange centered around a 200-week moving average (WMA), an important area that commentators have claimed to be difficult to crack.
“We are not expecting Bitcoin to continue at this time because we are facing 200 weeks of MA and range resistance,” said Coin Telegraph contributor Michaelëlvande Poppe. Said Twitter followers on his latest update.
Fellow trader and analyst Rekt Capital, like everyone else, was skeptical about the possibility that Bitcoin would soon continue to rise.
#BTC Still below 200 weeks of MA resistance
— Rekt Capital (@rektcapital) July 18, 2022
Nonetheless, Van de Poppe added that a break in the market would be profitable at current levels. He concluded that:
Asia and the US showed a slight rise in the stock market that day as both Bitcoin and Altcoin took full advantage of their relief and the US dollar fell.
The S & P 500 and Nasdaq Composite Index rose 0.7% and 1%, respectively, at the time of writing one hour after the opening bell.
Meanwhile, Whalemap, an on-chain analytics resource, predicts “bitcoin prime time” and is more optimistic based on the interests of key buyers below spot prices.
Prime time #Bitcoin
Bounced off whale support for $ 21,000 and ready to go pic.twitter.com/x8hcmcgUw0
— Whalemap (@whale_map) July 18, 2022
Data from fellow monitoring resources, Material Indicators, show that similar support is being built based on the Binance order book.
Ethereum maintains performance
At Altcoin, the show was still stolen by Ethereum (ETH). Ethereum maintained close to $ 1,500 after sealing the highest level in over a month. It contains great benefits to BTC.
Related: BTC miners “finally capitalize” — 5 things you need to know about Bitcoin this week
Defeating even Bitcoin’s progress, ETH / USD is the trader’s beloved of the day, taking place at the beginning of the Terra (LUNA) (now known as Terra Classic (LUNC)) blunder since May. It firmly overturned the previous miserable price behavior.
For the first time in 110 days # Ethereum We are entering a bullish trend and printing highs and lows and highs and highs.
— Wolf (@ImNotTheWolf) July 17, 2022
Future resistance was the best form of Ethereum ever, starting at $ 1,530, the Bitcoin halving cycle before the beginning of 2018.
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