Bitcoin (BTC) found strength at $22,000 on Jul 24 with bulls still eyeing a solid weekly close in the green.
Classic levels for the weekend price approach
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards $23,000 on the day.
The pair held a trading range narrowly focused on key long-term trend lines, which analysts had previously described as essential to rally.
These included the 50-day and 200-week moving averages (MAs), the latter especially important as support during bear markets, but which had acted as resistance since May.
“Bullish that we perfectly withstand the 13d + horizontal 21.9k ema”, argued the popular CryptoMellany Twitter trading account in part of its last update of the day
“I think we will hang around $22,500 for the weekly close today, new week starting with the stock down to 21,000-21,600 and then bullish for the rest of the week, forming a bull flag.”
The 50-day and 200-week MAs were sitting at $22,370 and $22,690, respectively, at the time of writing, with the spot price at $22,670.
Moving on, fellow trader and analyst Jibon described the next weekly close as “very very important.” An accompanying chart pointed to $21,944 and $22,401 as the lines in the sand for a “bad” or “good” close.
Earlier in the week, Jibon had warned that such a “bad” result could be the start of a pullback to new macro lows for Bitcoin – as low as $12,000 – that continued strength could fuel a relief rally as high as $40,000.
If it were to close at current levels, the BTC/USD pair would seal its highest levels since mid-June.
Ethereum and Cardano lead altcoins as ETH outflows surge
As for altcoins, Ether (ETH) and Cardano (ADA) were the biggest standouts over the weekend as both rejected lower levels.
The ETH/USD pair reached $1,600 again on the day, while ADA/USD also looked to challenge its high of $0.548 for the week, marking its best performance since June 12.
Analyzing the current environment, traders noted the importance of Ethereum’s 2018 high of $1,530, a level that became a long-term resistance, only to become so again in June.
USDETH
after spending a few weeks below 2017 ATH level #ethereum is trying to close above it
still has 2 days left for the weekly close though
close above and this pushes till 2300 imo
close below and this keeps chopping and maybe even make new lows..who knows pic.twitter.com/EGsvpyTB6T— White Walker (@cryptowhitewalk) July 23, 2022
As price action strengthened, meanwhile, ETH outflows from major exchanges intensified. On July 22, according to data from on-chain analytics firm CryptoQuant, those flows totaled 1.87 million coins.
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