Bitcoin plunges to $22.6,000, risking further losses if it fails to hold above 200-week MA
BTC price dips back below its 200-week moving average as analysts stress importance of staying above $22,800 for may the bullish momentum continue.
Market Update
The mood in the cryptocurrency ecosystem is significantly more positive on July 22 after a week of gains helped traders put the events of the past two months behind them and look to a positive future.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price has been hovering around support at $23,000 for the past two days and continues to hold slightly above its 200 moving average weeks (MA), which has been a reliable indicator of bear market lows in the past.
BTC/USDT 1-day chart. Source: TradingViewAs the market direction debate continues to rage, here are the important levels to watch ahead of the weekend, analysts say.
Bitcoin needs a weekly close above $22,800The importance of Bitcoin trading above its 200-week MA was noted by independent market analyst Michaël van de Poppe, who published the following chart highlighting key support and breakout areas resistance:
BTC/USDT 1 hour chart. Source: TwitterAccording to van de Poppe, Bitcoin is "again facing crucial resistance" at $23,500, and what happens next will determine whether its price rises or falls to reach a stand at $21,500. He explained:
"If it drops to $23,800, I guess we...
BTC price dips back below its 200-week moving average as analysts stress importance of staying above $22,800 for may the bullish momentum continue.
Market Update
The mood in the cryptocurrency ecosystem is significantly more positive on July 22 after a week of gains helped traders put the events of the past two months behind them and look to a positive future.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price has been hovering around support at $23,000 for the past two days and continues to hold slightly above its 200 moving average weeks (MA), which has been a reliable indicator of bear market lows in the past.
BTC/USDT 1-day chart. Source: TradingViewAs the market direction debate continues to rage, here are the important levels to watch ahead of the weekend, analysts say.
Bitcoin needs a weekly close above $22,800The importance of Bitcoin trading above its 200-week MA was noted by independent market analyst Michaël van de Poppe, who published the following chart highlighting key support and breakout areas resistance:
BTC/USDT 1 hour chart. Source: TwitterAccording to van de Poppe, Bitcoin is "again facing crucial resistance" at $23,500, and what happens next will determine whether its price rises or falls to reach a stand at $21,500. He explained:
"If it drops to $23,800, I guess we...
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