Bitcoin could still see a "wild" weekend as BTC prices avoid a key $ 22K area

Bitcoin could still see a “wild” weekend as BTC prices avoid a key $ 22K area – Mail Bonus


Bitcoin (BTC) focused on $ 21,000 over the weekend amid warnings that fluctuations could still clear the market before Monday.

BTC / USD 1 hour candlestick (bit stamp). Source: TradingView

The S&P 500 sees the second best week of the year 2022

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD was broadly higher in its recent trading session after US equities ended the week strong.

As stated by market analyst Holger Zschaepitz, the S&P 500 sealed its second-best week of 2022, indicating modest relief in risky assets.

Bitcoin was on track to record a small profit at the weekly close, the first weekly green candle – albeit a small one – since May.

Before then, anything could happen, according to the material (MI).

Referring to recent weekend price promotions, MI recommended that Twitter followers be dissatisfied with the absence of weekdays.

“If BTC can take out 200 WMA there is room to run,” part of one post read.

“Wknds have been wild so buckle up. Retesting at a minimum can come as fast as tearing up to $ 24k.”

The accompanying chart of order book data from the largest international stock exchange Binance provided insight into buying and selling plans from traders. Below the spot price there was little support in terms of volume up to $ 19,000, but on the other hand there was strong resistance just north of $ 22,000.

Binance BTC / USD data book on order book. Source: Material Indicators / Twitter

That level marks the key 200-week moving average (WMA) for BTC / USD, this is necessary for bears to recover to change trends, according to various sources.

Altcoins set for the first green week since March

Altcoins were also calm during the day as they watched a glorious week of gains in the dark overall context of the macroeconomic market.

Related: Ethereum price erupts as “bad news is good news” for stocks

In the top ten cryptocurrencies by market value, some tokens stood 30% higher than seven days earlier at the time of writing.

Among them was Ether (ETH), which rose 28% to around $ 1,200.

In a separate order book, MI stated that ETH / USD had also performed a 200WMA re-test, but that problems could still be forthcoming.

Elsewhere, Shiba Inu (SHIB) rose 50% from last week, while Polygon (MATIC) stole the show with a 70% weekly rise.

MATIC / USD 1-day candlestick (Binance). Source: TradingView

For the Cointelegraph contribution of Michaël van de Poppe, there was still every reason to enter the cryptocurrency market now.

“From an investment point of view (in other respects), this is a great time to look for the altcoins you want,” he said. said Twitter followers.

“In 2021, everyone dreamed of buying them at this low price. Now the chances are there and people do not dare to make the decision. Typical.”

On a weekly basis, the market value of altcoin increased by 37 billion dollars this week, which is set for the first green candle since March.

Altcoin market value 1 week candlestick. Source: TradingView

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