Bitcoin gives “encouraging signs” – See these BTC price levels next time

Bitcoin gives “encouraging signs” – See these BTC price levels next time

Bitcoin (BTC) was moving towards the upper end of its trading area on June 24 when optimism crept back into traders’ forecasts.

BTC / USD 1-hour light chart (bit stamp). Source: TradingView

Bitcoin price “ready for $ 23,000”

Data from Cointelegraph Markets Pro and TradingView tracked a largely stable BTC / USD as it reached local highs of $ 21,425 on Bitstamp.

The pair had changed higher since the week below $ 20,000 on June 22, with US equities similarly cool goes into the weekend.

“Bitcoin ready for $ 23,000,” Cointelegraph contributor Michaël van de Poppe said announced to Twitter followers on the day.

At just above the crucial 200-week moving average (WMA), $ 23,000 formed a popular upside target for commentators – and sellers.

As noted by the trading suite Decentrader, whales on the Bitfinex exchange had questioned this area, giving the potential for BTC / USD to “fake out” over 200WMA in the event of a squeeze.

“200WMA has great historical significance after maintaining the price in previous bear markets, and will be of great interest to traders when the price returns to it,” Decentrader wrote in its latest market update, reflecting popular sentiment.

“Over at Bitfinex, where we know whales like to dominate, there is a significant wall of $ 23,000 questions just above the 200WMA level. There is no guarantee that these questions will stay there or not be broken when the price reaches them. But it is worth noting them and therefore be aware of a potential fakeout risk around 200WMA that could reject the price of their first attempt to break through. “

The company added that all in all, while the crypto was not “out of the woods”, the market gave signals that were “encouraging for the bulls.”

See also  Ohio Guy Steals $21 Million in Bitcoin From His Brother

Trader aims for $ 1500 for Ethereum

Altcoins, meanwhile, stole the show on low time frames as the week drew to a close.

Related: Bitcoin mines ‘capitulation event’ may have already happened – Research

Ether (ETH), the largest altcoin by market value, gained almost 10% on the day for climbing over $ 1200.

Ripple (XRP) and Solana (SOL) performed even better, both with daily gains in double digits and the latter knocked on a weekly return of almost 30%.

SOL / USD 1-hour light chart (Binance). Source: TradingView

The sea of ​​green was ubiquitous among the fifty best cryptocurrencies by market value, with only UNUS SED LEO (LEO) counteracting the trend, trading down 5.8% at the time of writing.

“Great market environment here, as the markets continue the upward momentum,” Van de Poppe so in a separate update, adding that ETH / USD could reach $ 1500 “in the coming weeks.”

ETH / USD 1-hour light chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trade involves risk, you should conduct your own research when making a decision.