Bitcoin Down

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According to traders, Bitcoin must close over $21.9K to prevent a new BTC price decline

Bitcoin Down
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1658667426 24 Jul / 12:57

As the week draws closer, traders create distinct cutoff points for Bitcoin price activity around critical moving averages.

Bitcoin (BTC) gained support near $22,000 on July 24, with bulls still targeting a good weekly closing in the green.

At $21,900, according to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair halted a weekend decline and returned to the $23,000 mark for the day.

The pair maintained a trading range closely aligned with critical long-term trendlines, which experts had previously deemed crucial to recapturing.

These included the 50-day and 200-week moving averages (MAs), with the latter being especially crucial as support during bear markets but acting as resistance since May.

“Bullish that we flawlessly held the 13d ema + horizontal 21.9k,” the prominent Twitter trading account CryptoMellany stated in a portion of her July 24 post.

“I believe today’s weekly closing will be around 22,500, with the new week beginning with activity down to 21-21.6k and then rising for the remainder of the week, producing a bull flag.”

At the time of writing, the 50-day and 200-week moving averages were $22,370 and $22,690, respectively, while the spot price was $22,670.

Jibon, a fellow trader and analyst, described the impending weekly close as “very crucial.” The following figure identified $21,944 and $22,401 as the dividing line between a “bad” and “excellent” finish.

Earlier in the week, Jibon had cautioned that such a “poor” result might signal the beginning of a pullback to new global lows for Bitcoin — as low as $12,000 — and that sustained strength could ignite a relief rally as high as $40,000.

BTC/USD would reach its highest point since mid-June if it were to close at present levels.

Ether (ETH) and Cardano (ADA) were the top-performing cryptocurrencies over the weekend, as both resisted lower levels.

ETH/USD recovered to nearly $1,600 on the day, while ADA/USD attempted to surpass its weekly high of $0.548, marking its most outstanding performance since June 12.

Traders analyzed the current market conditions and emphasized the significance of Ether’s 2018 high of $1,530, which served as long-term resistance and returned as resistance in June.

After spending a few weeks below 2017’s ATH level, $ETH is attempting to close above it. The weekly close is still two days away, but a close above 2300 would be bullish, while a finish below might lead to new lows.

Meanwhile, as price action escalated, ETH outflows from key exchanges accelerated. On July 22, on-chain analytics firm CryptoQuant reported that these transfers totaled 1.87 million coins.

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