Bitcoin has moved past its crucial resistance of 200-week EMA. But BTC needs to form a daily and weekly candle above it to confirm the uptrend.
On Tuesday, July 19, the world’s largest cryptocurrency Bitcoin (BTC) made a strong move shooting towards $24,000. As of press time, Bitcoin has gone past its 200-week EMA and is showing some partial retracement trading at $23,385 with a market cap of $446 billion.
The recent optimism around Bitcoin and the broader crypto space has given investors hope that the bottom could be in. The broader cryptocurrency market has also surged past $1 trillion.
With the current move, Bitcoin has surged past its 200-week EMA at $23,000 which was proving to be a major resistance in the last few weeks. Analysts are still taking their time to see whether BTC could sustain above these levels.
Thus, analysts have a mixed bag of opinions at this stay. Some analysts expect the BTC price to rally all the way up to $30,000 while others have advised not to rush with fresh buying.
Popular crypto analyst Rekt Capital said that this is the first time in several weeks that Bitcoin has been putting up the effort to reclaim the 200-week moving average and trying to convert that into support.
For the first time in weeks, #BTC is putting in a decent effort to try to reclaim the 200-week MA as support$BTC #Crypto #Bitcoin pic.twitter.com/PuG9bR5OQg
— Rekt Capital (@rektcapital) July 19, 2022
However, he further added: “BTC needs to Weekly Candle Close above $22800 to successfully confirm a reclaim of the 200-week MA as support”.
The 200-week MA serves as a reliable bear market indicator and thus, has become the most-watched metric. It has historically provided insights into the market bottom.
Bitcoin $18,000 Still Possible
Another Bitcoin analyst Phoenix CF has hinted at the possibility of another downside. He writes:
“Bitcoin might look bullish rn and fomo is kicking in but 22k resistance is still not letting BTC turn bullish. Wait for the 1d candle to close above 23k and then place long bets. If that’s not the case, we’ll see it below 18k soon. Be patient & avoid emotional trading”.
Another crypto analyst with the name Crypto Patel said that BTC is trading at a crucial junction. He hints at the possible targets in case of a breakout or a breakdown. He wrote:
“Bitcoin currently trading at very Imp Level which is $21700-$22800 ( Supply Zone ) Scenario 1:- If Break $22900 Level then Ready for Long with $28400 TP Scenario 2:- But If failed to hold $$22800 then High Posibilities to test $12k Level.”
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