Bitcoin Nearing 200 weeks Moving Sends Chill over the Crypto Market

Bitcoin

BitcoinAs Ethereum approaches $1.5K, the price of bitcoin approaches the critical 200-week moving average.

BTC/USD has returned to consolidation after reaching highs of $22,500 on Bitstamp. That level marked the beginning of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area that analysts predicted would be difficult to crack. Not expecting Bitcoin to continue at this point, as it approaches the 200-Week MA and range resistance. Others, including fellow trader and analyst Rekt Capital, were skeptical of Bitcoin’s ability to maintain its upward momentum immediately.

Both Bitcoin and altcoins benefited from the day’s equities market relief, with Asia and the United States making modest gains as the US dollar fell. At the time of writing, one hour after the opening bell, the S& P 500 and Nasdaq Composite Index were up 0.7 percent and 1 percent, respectively. Bitcoin Prime Time on-chain analytics resource Meanwhile, Whalemap forecast, offers a more optimistic take based on significant buyer interest below spot price. Data from Material Indicators, another monitoring resource, revealed similar support building on the Binance order book.

 

Ethereum maintains performance

On altcoins, Ether (ETH) was still stealing the show, hovering near $1,500 after reaching its highest levels in over a month, with massive gains against BTC included. ETH/USD was the darling of traders on the day, decisively upending the previously dire price action in place since May at the start of the Terra (LUNA) now called Terra Classic (LUNC) debacle. Upcoming resistance comes in the form of Ethereum’s previous Bitcoin halving cycle all-time high of $1,530, which it reached in early 2018.