Bitcoin: According to the analysis, Bitcoin bulls still have a battle on their hands at the low volume weekend. Altcoins, on the other hand, maintain record gains for several weeks. Bitcoin (BTC) focused on $21,000 over the weekend amid warnings that volatility could still consume the market before Monday.
- 1 S&P 500 sees second best week of 2022
- 2 Bitcoin (BTC) critical support and resistance levels
- 3 Altcoins prepare for first green week since March
- 4 Share this:
S&P 500 sees second best week of 2022
Data from TradingView showed BTC/USD to be quite high in the last trading range after US stocks closed the week strong. As market commentators Holger Zschaepitz noted, the S&P 500 closed its second best week of 2022. Accordingly, an indication of a modest relief in risky assets emerges.
In case you missed it: S&P 500 has gained >6% in 2nd-best week of 2022 as disinflationary forces gather steam & #Fed tightening expectations recede. Investors now see the key interest rate at only 3.4% at the end of 2022, a full 35bps lower than at the start of the week. pic.twitter.com/pE4TsrXXAp
— Holger Zschaepitz (@Schuldensuehner) June 25, 2022
Bitcoin was on track to post slight gains at its weekly close, the first, albeit small, weekly green candle since May. However, anything can happen before that, according to on-chain analytics resource Material Indicators (MI). Referring to the price action over the last weekend, MI advised its Twitter followers not to be indifferent in the absence of weekday volume. In a tweet he said:
If BTC can lift the 200-week MA, there is room to work. Weekends are wild, so fasten your seat belts. It could come fast to $24,000 with a retest of the lows.
Bitcoin (BTC) critical support and resistance levels
On the other hand, Binance’s attached order book data provides an overview of traders’ buying and selling plans. Below the spot price, there is little support in terms of volume up to $19,000. Conversely, however, there was heavy resistance just above $22,000.
Now this level marks the 200-week MA for BTC. However, according to various sources, this is necessary for the bears to change the trend and step back.
Altcoins prepare for first green week since March
Altcoins also remained calm throughout the day. Meanwhile, they were watching an impressive week of earnings in the context of the dismal overall macro market. There were high gains in the top ten cryptocurrencies by market cap. A few altcoins were around 30% higher than last week at the time of writing. Among them was Ethereum (ETH), which is up 28%, remaining around $1,200. MI says in a special orderbook post that Ethereum is retesting the 200-week MA. However, he states that this problem may still persist.
#ETH with a legit retest of the 200 WMA on volume of the latest Trend Precognition signal. Want to see next week's candle w/ a clean open and close above it without another sweep of the lows to validate. Concerned the 21 WMA will cross the 100 WMA and trigger another dump. #NFA pic.twitter.com/aLOXFideJX
— Material Indicators (@MI_Algos) June 24, 2022
AmkNews.com There is still reason to enter the crypto market for Michaël van de Poppe, whose analysis we share. Poppe told his followers in a tweet:
From an investment thesis, this is a great time to search for altcoins you want to own. Everyone was dreaming of buying these at these low price points in 2021. Now there is the chance and people do not dare to decide.
Meanwhile, on a weekly basis, altcoin market cap has increased by $37 billion over the week, setting its first green candle since March.
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