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BTC's price drops below its 200-week moving average as experts underline the need to keep above $22,800 for positive momentum to continue.
The atmosphere in the cryptocurrency ecosystem was considerably brighter on July 22. After a week of gains, let traders put the events of the last two months behind them and move toward a hopeful future.
The price of Bitcoin (BTC) has been fluctuating around $23,000 support over the past few days, according to data from Cointelegraph Markets Pro and TradingView. It continues to hold slightly above its 200-week moving average (MA), which has historically been a reliable indicator of bear market bottoms.
As the discussion over the market’s future continues, analysts have identified the key levels to watch moving into the weekend.
Independent market expert Michal van de Poppe recognized the significance of Bitcoin trading over its 200-week moving average and published the following graphic emphasizing the critical support and resistance zones:
According to van de Poppe, Bitcoin is “again encountering key resistance” above $23,500, and what happens next will decide whether its price rises or retreats to $21,500 support.
He elaborated: “If it breaks $23,800, I assume we’ll continue, and then $28,000 is a possibility, but we also have a verified breach over the 200-Week Moving Average.”
Rekt Capital, a market expert, elaborated on the significance of BTC maintaining its position above the 200-week moving average by highlighting the requirement for Bitcoin to post a weekly closing of over $22,800:
The current price activity is an indication that “a significant rise for #BTC is likely to happen soon,” according to the crypto trader and pseudonymous Twitter user CryptoGodJohn, who supplied the following graphic detailing two possible trajectories Bitcoin may take:
CryptoGodJohn said: “Exceed and maintain $24,200. I believe we can reach $27K–$28K quite shortly. If we begin accepting back into the range, I anticipate a flush down to $20,000 if we re-enter it. Pretty easy invalidation on both; keep safe.”
The probability of a move in either way was also observed by the Twitter user Mayne, who uploaded the following graphic addressing the “potential range break out” for Bitcoin.
They explained, “Upside might be lucrative if we can maintain over $22,500/range high.” This was undoubtedly an outlier; therefore, remove the range high. As you target shorts back into the range, the move over range high becomes your risk.
Caleb Franzen, a market analyst, provided the following insight as to when dollar-cost averaging may be advantageous for people who are more likely to amass and hold Bitcoin rather than focus on its day-to-day price fluctuations:
The market capitalization of all cryptocurrencies is now $1,048.0 billion, and Bitcoin’s dominance rate is 42%.
