Bitcoin (BTC) hovered at $22,000 at Wall Street’s July 18 open as analysts warned that bulls won’t break through resistance all at once.
Can Bitcoin regain bear market support?
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.
This level represented the start of short positions on exchanges clustered around the 200-week moving average (WMA), a key area that commentators said would be difficult to break.
“I don’t expect a continuation on Bitcoin, at this point, as we are facing a 200 week MA and range resistance,” Cointelegraph contributor Michaël van de Poppe Told Twitter followers in its latest update.
Fellow trader and analyst Rekt Capital, like others, was also skeptical that Bitcoin could continue its upward momentum immediately.
#BTC still remains below the 200-week MA resistance
—Rekt Capital (@rektcapital) July 18, 2022
Van de Poppe nevertheless added that a respite for the market would be beneficial at current levels. He concluded :
Bitcoin and altcoins made the most of the relief in stock markets on the day, with Asia and the US making modest gains as the US dollar retreated.
The S&P 500 and Nasdaq composite indices were up 0.7% and 1%, respectively, at the time of writing, an hour after the opening bell.
“Prime time for Bitcoin,” predicts on-chain analysis resource Whalemap in the meantime, offering a more bullish take based on major buyer interest below the spot price.
Prime time for #Bitcoins
Bounce whale supports to ~$21,000 and we’re ready to go. pic.twitter.com/x8hcmcgUw0
– whale map (@whale_map) July 18, 2022
Data from other monitoring resources Material Indicators showed similar support building on Binance’s order book.
Ethereum preserves performance
On altcoins, the show was still robbed by Ether (ETH), which lingered near $1,500 after sealing its highest levels in more than a month, with huge gains against BTC included.
Related: BTC Miners “Finally Surrender” – 5 Things to Know About Bitcoin This Week
Beating even Bitcoin’s advances, ETH/USD was the darling of traders that day, firmly shaking up the previously disastrous price action in place from May at the start of the Terra (LUNA) debacle – now called Terra Classic (MON).
This is the first time in 110 days that #Ethereum entered an uptrend, posting higher lows and higher highs.
— wolf (@ImNotTheWolf) July 17, 2022
Coming resistance came in the form of Ethereum’s all-time high from Bitcoin’s previous halving cycle at $1,530, which it hit in early 2018.
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