BTC Price Sees Best Weekly Rise Since March
The USD is experiencing a breakout again. It adds to misgivings around the shoot of Bitcoin price to $22,400.
The asset is now on course to see its highest weekly rise since March. Although, as it stands, not everyone believes it will last.
Highest Crypto Sentiment Since May
Reports from TradingView and Cointelegraph indicate that the BTC/USD rose to $2,000. This is an almost 12% rise this week.
Following many days of stagnation in a tight range, the pair finally gained the upside. The gains moved faster into Friday and reached $22,401.
The rate of the increase alone is noteworthy as it coincides with BTC’s 200-WMA. It is an essential level in the bear market that has put up resistance for the last month.
The price is consolidating around the $1,000 lower marks. But Bitcoin is displaying the possibility of a trend turnaround. To beat out the 200-WMA will, however, not be easy to accomplish.
A contributor to Cointelegraph, Michael van de Poppe made a summary of the situation. He said Bitcoin has reached $22,300 and all the high points have been taken. He went further to say some build-up and consolidation are required.
This has to be especially before the market snaps above the 200-WMA. It will be a heavy one once that happens. There are speculations that the Bitcoin price might retest $20,700.
Some Liquidity to be Thankful For
Van de Poppe had stated before that there is probably a huge amount of liquidity. He placed the location above the 200-WMA. He said a breakthrough could witness a $30,000 run in this period.
The sentiment will flow up with a flip, he concluded.
There were signs of a turnaround in the market impulse from the beginning of the day. Nevertheless, the Crypto Fear and Greed Index rose to the highest point since 7th May. The index is at its extreme fear area at 20/100.
A 20-Year High in Another Week
The most recent price action seen in the market is to send off naysayers. Some of them look forward to a lower level before recovery comes into effect.
A trader argued that a lot of people were expecting to see 22,000 to 23,000. It is now the new 52,000 when the price was at 47,000 or 48,000. Of the new 35,000 when the price was at 31,000 or 32,000.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
