Analysts claim it might be difficult for Bitcoin to continue the upward movement
By Shashank Bhardwaj
On July 18, as Wall Street opened, the price of Bitcoin (BTC) reached above $22,000, and the crypto market capitalization again soared above the $1 trillion mark. The crypto analysts stated that the bulls were holding strong.
According to the data released by TradingView and Cointelegraph Markets Pro, BTC/USD returned to consolidate as the price rose to $22,500 on Bitstamp.
The increase in price indicates the beginning of sell-side positions on exchanges gathered around the 200-week moving average or 200 WMA, which is notably a crucial resistance zone that would be hard to get through, given the current market conditions.
Michael Van de Poppe, crypto trader and analyst, doesn't expect "continuation on Bitcoin, at this point, as we're facing 200-week MA & range resistance." Another crypto trader and analyst, Rekt Capital, tweeted his skepticism about Bitcoin continuing the momentum and charting its upward trajectory much farther. He said, "Until that level breaks, it's technically premature to assume this is now a sustained relief rally."
Van de Poppe also added that a breather for the crypto market would be lucrative at the given levels. He said, "Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K. Good times." Yesterday, Bitcoin, along with altcoins, got the most out of the relief on equities markets - the United States and Asia making moderate profits due to the retreat of the U.S. dollar.
The Nasdaq Composite Index and the S&P 500 increased by 1 percent and 0.7 percent, respectively, one hour after the opening bell. However, Whalemap, an on-chain analytics resource, said it's a "prime time for Bitcoin" and pointed out major buyer interests to trade below spot price. Data given by Material Indicators also showed similar optimism on the Binance order book.
Last week’s announcement regarding the date for the Merge upgrade as September 19 had over 131 ETH whales joining back the ETH bandwagon. The anticipation surrounding Merge, along with low levels of gas fees on the Ethereum network, triggered a steep relief rally for the alt-king. Ethereum was trading above $1,500 at the time of writing, up by 40 percent from last week. Ethereum (ETH) marked its highest price level in the month, earning massive profits against Bitcoin.