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Bitcoin (BTC) rose on July 16 after Wall Street’s trading week ended with a slight rise in US stocks.
Cointelegraph Markets Pro and TradingView Showed BTC / USD in the range of $ 20,500 to $ 21,000 over the weekend.
Thus, the pair maintained most of the comeback from this week’s lows. These shocked US inflation data and caused weaknesses in overall risk assets.
Now, overtime trading meant that the classic scenario of breakouts and fakeouts with thin liquidity could accompany Bitcoin at the end of the week.
Looking at the data from Binance’s purchase order, which is the world’s largest trading volume, we find that there is significant resistance at around $ 22,000 as the Bulls try to move the market higher.
However, Bitcoin could also challenge the 200-week moving average (WMA) when monitoring resource indicators. This is the major bear market trendline that was lost as support over a month ago.
#BTC I’m looking for another retest of 200 WMA. Currently it is about $ 22.6k. #FireCharts pic.twitter.com/rRvbI8cPl2
Material indicator (@MI_Algos) July 15, 2022
“It’s easy to be bullish on BTC on green days and bearish on red days,” said popular trader and analyst Rekt Capital. Added In another comment.
“But $ BTC is still in the range of $ 19K to $ 22K. This will continue until any of these levels are broken. Movements within the range are not enough to indicate emotional changes. “
As Cointelegraph reported, the sentiment set an enviable record this week as the crypto market ended its longest period of history in a state of “extreme horror,” according to the Crypto Fear & Greed Index.
Meanwhile, while monitoring miners’ behavior, one analyst on the on-chain analysis platform CryptoQuant warned about possible sold-outs.
Related: Bitcoin miners are selling their jumble and ASIC prices continue to fall what’s next in the industry?
14,000 BTC was transferred from the miner’s wallet on July 15th, as shown by Binh Dang. This phenomenon was worth tracking, although it does not specifically indicate a sale.
“At this point, we can’t tell if this distribution is positive or negative, so we need to be careful in the next few days,” he said. wrap up One of the latest updates on the CryptoQuant Quicktake market.
Apart from this, the energy gravity model, a new indicator that covers the production cost of Bitcoin, allows miners to pay a relatively low amount of energy to make a profit and mine at the current BTC spot price. It showed that it was highly sexual.
“Bitcoin Energy Gravity is the maximum US dollar price ($ / kWh) that is willing to buy electricity to make a profit, which is a breakeven electricity price,” said the model creator, BlockWare Analyst. Joe Burnett explains: Twitter thread..
“From this highest bid, we can better understand when Bitcoin’s price has exceeded and is nearing its bottom.”
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.
