Bitcoin (BTC) headed towards the upper end of its trading range on June 24 as optimism resurfaced in traders’ forecasts.
Bitcoin price ‘ready for $23,000’
Data from Cointelegraph Markets Pro and TradingView recorded overall stability for the BTC/USD pair, hitting local highs of $21,425 on Bitstamp.
The pair has moved higher since breaking below $20,000 on June 22with US stocks similarly cool heading into the weekend.
“Bitcoin is ready for $23,000,” ad that day Cointelegraph contributor Michaël van de Poppe to his Twitter followers.
Just above the crucial 200-week moving average (WMA), $23,000 was a popular upside target among commentators and sellers.
As noted by trading suite Decentrader, whales on the Bitfinex exchange had established calls in that zone, offering the possibility of the BTC/USD pair “faking” above the 200WMA in the event of a tightening.
“The 200WMA has great historical significance as it has sustained price in previous bear markets, and will be of great interest to traders when price revisits it,” Decentrader wrote in its latest market update, echoing the popular sentiment. .
“On Bitfinex, where we know the whales especially like to dominate, there is a significant asking wall at $23,000 just above the 200WMA level. There is no guarantee that those requests will stay there or cannot be broken when the price But it’s worth keeping in mind and therefore being aware of a possible counterfeit risk around the 200WMA that may reject the price on its first attempt to break out.”
The firm added that overall, while crypto was not “out of the woods,” the market was giving signs that were “encouraging for bulls.”
A trader targets $1,500 for Ethereum
Altcoins, meanwhile, stole the show on the low time frames as the week drew to a close.
Ether (ETH), the largest altcoin by market capacity, gained nearly 10% on the day to climb above $1,200.
Ripple (XRP) and Solana (SOL) fared even better, posting double-digit daily gains with the latter posting a weekly return of almost 30%.
The sea of green numbers was omnipresent among the top fifty cryptocurrencies by market cap, with only UNUS SED LEO (LEO) bucking the trend, trading down 5.8% at the time of writing.
“Great market environment here as the markets are continuing the bullish momentum,” said Van de Poppe in a separate update, adding that the ETH/USD pair could hit $1,500 “over the next few weeks.”
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