Price analysis 7/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Price analysis 7/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX – Mail Bonus

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Bitcoin (BTC) rose to a 200-week moving average on July 8, a level that could act as a battlefield between bulls and bears. Several experts are watching this stage because the break and closure above it could be the first sign that the bear market may be nearing completion.

Mike McGlone, Bloomberg’s senior commodity maker, said Bitcoin’s 50-week and 100-week moving averages showed similar signs as before the 2018 bear market bottomed out. Therefore, McGlone expects Bitcoin to make a strong comeback in the second half of 2022.

Daily performance of the cryptocurrency market. Source: Coin 360

Another positive sign is that Bitcoin rose above $ 22,000 on July 8, even as the US dollar (DXY) continued its downward trend. This suggests that a strong inverse correlation between Bitcoin and DXY may be weakening.

Could Bitcoin extend its recovery and pull the cryptocurrency market higher? Let’s look at the charts of the top 10 cryptocurrencies to find out.