Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5K


Bitcoin (BTC) hovered at $22,000 on the July 18 Wall Road open as analysts warned that bulls wouldn’t break resistance in a single go.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Can Bitcoin win again bear market help?

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.

That degree represented the beginning of sell-side positions on exchanges clustered across the 200-week transferring common (WMA), a key space which commentators argued could be exhausting to crack.

“Not anticipating continuation on Bitcoin, at this level, as we’re going through 200-Week MA & vary resistance,” Cointelegraph contributor Michaël van de Poppe told Twitter followers in his newest replace.

Fellow dealer and analyst Rekt Capital, as others, was additionally skeptical in regards to the potential for Bitcoin to proceed upward momentum instantly.

Van de Poppe nonetheless added {that a} breather for the market could be worthwhile at present ranges. He concluded:

“Slight consolidation would set off continuation and break above $22.6K would activate large longs in direction of $28K. Good occasions.”

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.

Information from fellow monitoring useful resource Materials Indicators confirmed comparable help constructing on the Binance order e book.

BTC/USD order e book information (Binance). Supply: Materials Indicators

Ethereum preserves efficiency

On altcoins, the present was nonetheless being stolen by Ether (ETH), which lingered close to $1,500 after sealing its highest ranges in over a month, with huge gains against BTC included.

Related: BTC miners ‘finally capitulating’ — 5 things to know in Bitcoin this week

ETH/USD 1-day candle chart (Binance). Source: TradingView

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.

Upcoming resistance lay within the type of Ethereum’s all-time excessive from the earlier Bitcoin halving cycle at $1,530, which it touched in early 2018.

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