Bitcoin (BTC) price soars above $22,000 amid the market-wide recovery today. The 5% rally pushed the price above the $22,300 mark, the crucial 200-Week Moving Average (WMA). Crypto analysts believe Bitcoin could gain bullish momentum if it surpasses $22,800.
Bitcoin (BTC) Price Above $22,800 Confirms Bullish Rally
The Bitcoin (BTC) price jumps more than 5% today to break above the $22,000 psychological level. In the last 24 hours, Bitcoin made a low and high of $20,778 and $22,430, respectively.
According to crypto analyst PlanB, the BTC price can rally above the $30k level by September if the price holds above the $22.3k level, 200WMA and Realized price, until the end of July. He said:
“BTC $22.3K, back above 200WMA and Realized price. If this holds until July close, it would not surprise me if we complete the upside-Bart-pattern (hallmark of a large liquidation sale) back to $30K before Sep close. And then back to business from there.”
In fact, another crypto analyst Rekt Capital believes Bitcoin needs to surpass the $22,800 level to confirm a breakout. In a recent tweet on July 18, he claimed that the price could fall below the 22,000 level for a healthy upward price movement. A retest of $21,800 on the top of the wedging structure can be seen.
Moreover, crypto expert Michaël van de Poppe thinks Bitcoin (BTC) price is facing 200-WMA and range resistance. He recommends waiting for a slight consolidation that would trigger a jump above $22,600, which would activate massive longs towards $28k.
Thus, a move above $22,800 will confirm a bullish momentum for BTC. Also, confirming that a new bottom at $20k.
Do Institutional Investors Support the Rally?
Institutional investors seem to support the Bitcoin rally. According to the latest CFTC’s weekly report on CME Bitcoin futures positions from July 6 to July 12, the total open interest increased from 13,258 to 13,505.
In fact, retail investors are more bullish on Bitcoin than institutional investors.
According to Glassnode, BTC futures contracts’ open interest has now jumped to a 7-month high, with Okex recording over $2.13 billion open interest.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/bitcoin-btc-above-200-wma-crypto-analysts-level-breakout/