Bitcoin may still see a “wild” weekend as the BTC price avoids the $ 22K key zone
Bitcoin (BTC) focused on $ 21,000 into the weekend amid warnings that volatility could still consume the market before June 27.
The S&P 500 sees the second best week in 2022
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD largely higher in the recent trading area after US equities ended the week strongly.
As noted by market commentator Holger Zschaepitz, the S&P 500 sealed its second best week in 2022, indicating a modest easing across risk assets.
In case you missed it: The S&P 500 has increased> 6% in the second best week of 2022 as disinflation forces gather and #Fed tightening expectations decline. Investors now see the key interest rate at just 3.4% at the end of 2022, as much as 35 bps lower than at the beginning of the week. pic.twitter.com/pE4TsrXXAp
– Holger Zschaepitz (@Schuldensuehner) June 25, 2022
Bitcoin was on track to register small gains at its weekly close, the first weekly green light – albeit small – since May.
Before then, however, anything can happen, according to on-chain analytics resource Material Indicators (MI).
Referring to recent price measures over the weekend, MI advised Twitter followers not to be complacent in the absence of weekday volume.
“If BTC can take out 200 WMA, there is room to run,” part of a post read:
‘Wknds have been wild so tense up. A new test of the downturns could come as fast as a rip to $ 24k. “
An attached chart of order book data from the largest global exchange Binance provided an insight into buying and selling plans from traders. Below the spot price, there was little support in terms of volume up to $ 19,000, while conversely, heavy resistance was just north of $ 22,000.
That level marked the key 200-week moving average (WMA) for BTC / USD, this is necessary for the bears to be able to recover to change the trend, according to various sources.
Altcoins set for the first green week since March
Altcoins were also calm during the day as they saw an impressive week of upswing in the gloomy general macro market context.
Related: Ethereum price erupts as “bad news is good news” for stocks
In the top ten cryptocurrencies by market value, multiple tokens were around 30% higher than seven days earlier at the time of writing.
Among them was Ether (ETH), an increase of 28% and lasted around $ 1200.
In a dedicated order book entry, MI noted that ETH / USD had also performed a retest of 200WMA, but that problems may still be ahead.
#ETH with a legitimate retest of 200 WMA on the volume of the latest trend pre-detection signal. Want to see next week’s candle with a clean open and closed over it without a new sweeping of the declines to validate. Concerned that 21 WMA will cross 100 WMA and trigger a new dump. #NFA pic.twitter.com/aLOXFideJX
– Material Indicators (@MI_Algos) June 24, 2022
Elsewhere, Shiba Inu (SHIB) was up 50% compared to last week, while Polygon (MATIC) stole the show with 70% weekly winnings.
For Cointelegraph contributor Michaël van de Poppe, there was still every reason to enter crypto markets now.
“From an investment dissertation (alt ceteris paribus), it’s a great time to look for the altcoins you want,” he told Twitter followers:
“In 2021, everyone dreamed of buying them at the low prices. Now the chances are there and people do not dare to make the decision. Typical.”
On a weekly basis, the altcoin market value was up $ 37 billion during the week, set at its first green light since March.
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