ביטקאָין פּרייַז נירז קריטיש 200-וואָך מאָווינג דורכשניטלעך ווי עטהערעום רירט $ 1.5 ק

ביטקאָין (בטק) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go.

Can Bitcoin win back bear market support?

דאַטן פון קאָינטעלעגראַף מאַרקעץ פּראָ און TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.

That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.

“Not expecting continuation on Bitcoin, at this point, as we’re facing 200-Week MA & range resistance,” Cointelegraph contributor Michaël van de Poppe דערציילט Twitter אנהענגערס אין זיין לעצטע דערהייַנטיקן.

Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.

# בטק still remains below the 200-week MA resistance

Until that level breaks, it’s technically premature to assume this is now a sustained relief rally$ בטק # קריפּטאָ # ביטקאָין

- Rekt Capital (@rektcapital) יולי קסנומקס, קסנומקס

Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:

“Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K. Good times.”

Both Bitcoin and altcoins made the most of relief on equities markets on the day, with Asia and the United States making modest gains as the U.S. dollar retreated.

The S&P 500 and Nasdaq Composite Index were up 0.7% and 1%, respectively, at the time of writing, one hour after the opening bell.

“Prime time for Bitcoin,” on-chain analytics resource Whalemap meanwhile forecast, offering a more optimistic take based on major buyer interest below spot price.

Prime time for # ביטקאָין

Bounce from whale supports at ~$21k and we are ready to pic.twitter.com/x8hcmcgUw0

- ווייל מאַפּע (@ ווהאַלע_מאַפּ) יולי קסנומקס, קסנומקס

Data from fellow monitoring resource Material Indicators showed similar support building on the Binance order book.

Ethereum preserves performance

On altcoins, the show was still being stolen by Ether (עטה), which lingered near $1,500 after sealing its highest levels in over a month, with huge gains against BTC אַרייַנגערעכנט.

פֿאַרבונדענע: בטק מיינערז 'ענדלעך קאַפּיטולאַטינג' - 5 טינגז צו וויסן אין ביטקאָין דעם וואָך

Beating even Bitcoin’s progress, ETH/USD was the darling of traders on the day, firmly upending the previously dire price action in place from May onwards at the start of the Terra (LUNA) — now called Terra Classic (LUNC) — debacle.

This is the first time, in 110 Days, that # עטהערעום has broken into a bullish trend, printing Higher Lows & Higher High.

Bears in disbelief.# קריפּטאָקוררענסי pic.twitter.com/MA2KAYzyWu

— וואָלף (@ImNotTheWolf) יולי קסנומקס, קסנומקס

Upcoming resistance lay in the form of Ethereum’s all-time high from the previous Bitcoin כאַווינג ציקל at $1,530, which it touched in early 2018.

די מיינונגען און מיינונגען וואָס זענען אויסגעדריקט דאָ זענען בלויז די מחבר און טאָן ניט דאַווקע פאַרטראַכטן די קוקן פון Cointelegraph.com. יעדער ינוועסמאַנט און טריידינג מאַך ינוואַלווז ריזיקירן, איר זאָל דורכפירן דיין אייגענע פאָרשונג ווען איר מאַכן אַ באַשלוס.