Analysts claim it might be difficult for Bitcoin to continue the upward movement
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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.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
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.