Bitcoin price is nearing the crucial 200-Week SMA as Ethereum rises to $1.5K . touches
Categories: Crypto News US
Bitcoin price is nearing the crucial 200-Week SMA as Ethereum rises to $1.5K . touches
Bitcoin (BTC) hovered at $22,000 at Wall Street's July 18 open as analysts warned that bulls would not break the resistance all at once. Markets Pro and TradingView shows that BTC/USD consolidated after hitting a high of $22,500 on Bitstamp.
This level represents the beginning of a selloff on exchanges clustered around the 200-week moving average (WMA), a key area that commentators argue will be difficult to crack. “Bitcoin is not expected to continue, at this point, as we are facing 200-week MA and range resistance,”.
Fellow trader and analyst Rect Capital, like others, was skeptical about bitcoin's ability to continue its immediate upward momentum. Both bitcoin and altcoins provided the most respite in equity markets on the day, with Asia and the United States posting modest gains with the US dollar retreating. The S&P 500 and Nasdaq Composite Indexes were up 0.7% and 1%, respectively, at the time of writing, an hour after the opening bell.
“Prime time for bitcoin,” forecast on-chain analytics resource Whalemap meanwhile, offering a more optimistic outlook based on major buyer interest below the spot price. ETH/USD was a favorite of day traders that day, even surpassing bitcoin's advances, starting in May after the Terra (LUNA) – now called Terra Classic (LUNC) – debacle. Terrible price action was strongly escalating.