Bitcoin is showing ‘exciting signals’

Bitcoin is showing 'exciting signals'

Bitcoin (BTC) headed towards the upper end of its trading range on June 24 when optimism returned to traders ’forecasts.

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

Bitcoin price ‘ready to hit $ 23,000’

Data from Cointelegraph Markets Pro and TradingView noted general stability in the BTC / USD pair, which reached local highs of $ 21,425 on Bitstamp.

The pair is moving higher from breaking below $ 20,000 on June 22, with quiet US stocks entering the weekend as well.

“Bitcoin is ready for $ 23,000,” he said Notice Cointelegraph participant Michaël van de Poppe with his Twitter followers that day.

Just above the 200 week moving average (WMA), $ 23,000 was a common upside target for commentators – and sellers.

As the Decentrader trading platform noted, whales have fixed positions on the Bitfinex exchange in this zone, giving the BTC / USD pair the opportunity to move above the 200-week moving average. in case of fall.

“The 200-week moving average is of historical importance, having previously supported price in bear markets, and will be of great interest to traders when the price revisits it,” Decentrader wrote in his statement. latest update on the market, showing a common attitude.

“On Bitfinex, where we know whales like to be in charge, $ 23,000 has a significant bidding wall just above the 200 – week moving average. There is no guarantee that these applications will remain there or cannot be broken when the price reaches them. But it’s worth noting and therefore being aware of the potential danger of making a false alarm around the 200 – week moving average that could slam the price on its first attempt at a break through.”

The firm also said that overall, although the crypto did not raise its head completely above the water, the market was giving “encouraging signals to the bulls”.

A trader points $ Ether to Ether

Meanwhile Altcoins stole the show at low time and the week was drawing to a close.

Read also: Surrender of Bitcoin Miners May Already Happen – Research

Ether (ETH), the largest altcoin by market cap, gained nearly 10% on the day to break above $ 1,200.

Ripple (XRP) and Solana (SOL) performed even better, with daily double-digit gains for one weekly return and almost 30% for the other.

Hour candle chart of SOL / USD (Binance) pair. Source: Trade View

The green tide was pervasive across the top fifty cryptocurrencies by market capitalization, with only UNUS SED LEO (LEO) leading the trend, trading down 5.8% at the time of writing this report.

“Great market environment here with markets continuing their bullish momentum,” it said declared Van de Poppe in a separate update, adding that the ETH / USD pair could hit $ 1,500 “over the next few weeks.”

One hour candle chart of ETH / USD (Binance) pair. Source: Trade View

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investment and trading transfers involve risk, you should do your own research before making a decision.

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