Bitcoin is still struggling to break the 200-week Moving average (MA) that, if crossed, could trigger a run for $28k.
The world’s top crypto is apparently trying to gather steam after weeks of bear attacks. While Bitcoin seems to have gained a bit over the last 24 hours, the momentum is still not enough to push it significantly. At the moment, the coin is valued at just around $22,120.
However, this price point puts Bitcoin below the resistance level established at around $22,850, where 200-weekly MA acts as a strong resistance. That’s according to new data posted by Rekt Capital. Bitcoin must reach and breach this point to record any significant movement.
Image Source: Rekt Capital
No Continuation Expected
According to another famous trader, Michael van de Poppe, the current market setting doesn’t seem to favor any big continuation of the current push. In a tweet, Michael opined that range resistance, coupled with the situation below the 200-week MA, makes it hard for Bitcoin’s price to move upwards. However, he did offer an opinion on what could trigger a good movement.
Continuation Would Take Price To $28k
At the current price level, Bitcoin must consolidate to build up enough momentum for a bigger push. According to the trader, a slight consolidation could give the coin enough steam to break above the resistance at around $22.6k and make a dash for the $28k range.
Not expecting continuation on #Bitcoin, at this point, as we’re facing 200-Week MA & range resistance.
Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K.
Good times. pic.twitter.com/YOXEJW7E5Z
— Michaël van de Poppe (@CryptoMichNL) July 18, 2022
Granted, Bitcoin isn’t the only coin in the market to experience stagnation. As a matter of fact, numerous other cryptos have seen high volatility and bottomed out at over a 90% downturn from their previous ATH. The situation was made worse by the collapse of Terra Luna and UST a few weeks ago. However, going by what experts say, the Bitcoin market is still optimistic.
– Advertisement –
Source: https://thecryptobasic.com/2022/07/18/bitcoin-still-facing-strong-resistance-by-200-weekly-moving-average-must-cross-the-hurdle-to-rally-further/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-still-facing-strong-resistance-by-200-weekly-moving-average-must-cross-the-hurdle-to-rally-further