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The 200-week moving average holds bulls in check, and traders stay quiet on the odds of a breakout thus early.
Bitcoin (BTC) remained around $22,000 at the start of trading on Wall Street on July 18 as analysts cautioned bulls would not shatter resistance all at once.
After reaching $22,500 on Bitstamp, Cointelegraph Markets Pro and TradingView data showed BTC/USD resuming consolidation.
This level marked the beginning of sell-side bets on exchanges grouped around the 200-week moving average (WMA), a crucial region market analysts said would be difficult to penetrate.
Michal van de Poppe, a Cointelegraph writer, informed Twitter followers in his most recent post, “Not expecting continuation on Bitcoin, at this point, as we’re facing 200-Week MA & range resistance.”
As with others, Rekt Capital, a fellow trader and analyst were apprehensive about the possibility of Bitcoin’s rising momentum continuing immediately.
Van de Poppe said, however, that a market pause would be lucrative at current levels. His conclusion: “A slight consolidation would result in a continuation, and a break over $22,600 would unleash enormous long positions towards $28,000. Fun moments.”
Bitcoin and other cryptocurrencies capitalized on the day’s respite on equity markets, with moderate gains in Asia and the United States as the U.S. dollar declined.
One hour after the opening bell, the S&P 500 and Nasdaq Composite Index were up 0.7% and 1.0%, respectively, at the time of writing.
“Time is of the essence for Bitcoin,” on-chain analytics resource Meanwhile, Whalemap forecasts present a more bullish outlook based on significant buyer interest below the market price.
Data from a comparable monitoring resource, Material Indicators, demonstrated a similar increase in support for the Binance order book.
Ether (ETH) continued to steal the spotlight on cryptocurrencies, as it stayed above $1,500 after reaching its best levels in over a month, including massive gains against BTC.
ETH/USD was the darling of traders on the day, surpassing even Bitcoin’s gains and decisively overturning the previously dismal price action from May onwards at the commencement of the Terra (LUNA) — now Terra Classic (LUNC) — crisis.
Ethereum’s all-time high from the last Bitcoin halving cycle, $1,530 reached in early 2018, represented upcoming opposition.