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Bitcoin could still have a ‘wild’ weekend as the BTC price avoids a $ 22,000 core zone

Bitcoin could still have a 'wild' weekend as the BTC price avoids a $ 22,000 core zone

Bitcoin (BTC) rallied around $ 21,000 over the weekend amid warnings that volatility could still eat up the market before Monday.

1 hour candle chart of the BTC / USD pair (Bitstamp). Source: Trade View

The S&P 500 has the second best week of 2022

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was largely higher in its recent trading range after strong US equities weekend.

As market commentator Holger Zschaepitz noted, the S&P 500 sealed the second best week of 2022, indicating moderate relief among risky assets.

Just in case you missed it: the S&P 500 gained more than 6% in the second best week of 2022 as deflationary forces increased and sharpened feed expectations declined. Investors now expect the prime interest rate to be only 3.4% at the end of 2022, 35 basis points lower than at the beginning of the week. pic.twitter.com/pE4TsrXXAp – Holger Zschaepitz (@Schuldensuehner) June 25, 2022

Bitcoin had modest gains at its weekly closing, the first weekly green candle – albeit a small one – since May.

Before that, however, anything can happen, according to Chain of Content Indicators (MI) chain analysis capability.

Referring to recent price action over the weekend, MI urged its Twitter fans not to be overconfident in the absence of a weekly volume.

“If BTC can break out of the 200 WMA, there is room to run,” can we read in part of a post.

“Weekends were often wild, so buckle up. A retrial of the low could come as fast as $ 24,000. ”

An attached chart of order book details from the world’s largest exchange, Binance, provided an overview of traders ’buying and selling plans. Below the spot price, there was little support in terms of volume up to $ 19,000, and on the other hand, strong resistance was found just north of $ 22,000.

Graph of Binance order book data for the BTC / USD pair. Source: Content Indicators / Twitter

This level was the main 200-week moving average (WMA) for the BTC / USD pair, which is needed to recover the bears to reverse the trend, various sources believe.

Altcoins are set for their first green week since March

Altcoins were also calm on the day, looking ahead to a week of significant gains amid a rare global macro background.

Read also: Ethereum price rises as bad news for stocks

In the top 10 currencies by market capitalization, some signals were about 30% higher than seven days ago at the time of writing.

They included Ether (ETH), up 28% and staying at about $ 1,200.

In a dedicated order book post, MI noted that the ETH / USD pair has also repeated the 200WMA, but issues may still arise.

ETH with a legitimate retest of the 200 WMA on the size of the final trend recognition signal. I would love to see next week ‘s candle clean open and closed above that without further sweeping of the lows to be confirmed. I fear that the moving average 21 will cross the 100 moving average and trigger another decline. #NFA pic.twitter.com/aLOXFideJX – Content Indicators (@MI_Algos) June 24, 2022.

Elsewhere, Shiba Inu (SHIB) was up 50% from last week, while Polygon (MATIC) stole the show with weekly gains of 70%.

1 day MATIC / USD (Binance) candle chart. Source: Trade View

As for Cointelegraph contributor Michaël van de Poppe, there is still every reason to enter the cryptocurrency markets now.

“From an investment thesis (everything ceteris paribus), this is a great time to look for those altcoins you want to have,” he said. declared for Twitter followers.

“In 2021, everyone dreamed of buying them at these low prices. Now the odds are there and people do not dare to make the decision. typical. “

On a weekly basis, the market capitalization of altcoins increased by $ 37 billion per week, about its first green candle since March.

One week retention chart of altcoins market capitalization. Source: TradingLife

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investment and business transactions involve risk. You should do your own research before making a decision.

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