Bitcoin is drilling into the $ 22,000 level
Bitcoin (BTC) is now showing signs of strength, after several weeks of being suffocated in blood red, and drilled past the $ 21,000 level, to the delight of some crypto investors.
As of this writing, the most coveted cryptocurrency is trading at $ 22,200, up 13% over the last seven days, data from Coingecko shows on Friday.
BTC withdrew the $ 20,000 threshold on Wednesday, seven days after going below it. The cryptocurrency is trading at less than 70 percent of its all-time high near $ 69,000, but is currently well above its mid-June low of $ 18,000.
On Friday, the market value of all cryptocurrencies increased by around 2 per cent compared with the previous day. On the same day, the global crypto market was valued at $ 919 billion.
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Bitcoin Green Day – on to the next support
The volume in the cryptocurrency market, on the other hand, has fallen by more than 18 percent in the last 24 hours, according to statistics from Coingecko. Friday’s crypto market volume was estimated at $ 55.25 billion.
According to Harris Financial Group Managing Partner Jamie Cox, the “green day” in the markets comes in the wake of rising unemployment demands in the United States, which may indicate that “wage pressures may now have peaked.”
After a transition above the $ 20,500 level, the price of BTC began to rise steadily and tested the $ 22,200 mark, where it met with sales interest and continued to $ 22,100.
The next significant support is close to the $ 21,500 territory, below which the price may fall to the $ 21,200 level. The next significant resistance level is close to $ 22,500; above this level the price can rise to $ 23,000.
BTC total market cap at $415 billion on the daily chart | Source: TradingView.com
Some analysts are not ecstatic after the BTC Rally
Some observers claim that the orbit of the crypto remains negative. “Roman” on Twitter said: “Many people are getting bubbly and bullish as we have been repeating identical candle patterns for the last eight months.”
According to him, BTC’s breach of the $ 22K barrier is the latest in a series of “fakeouts” that will mislead many traders into believing that the bottom has been reached, despite the fact that the trend is still unfavorable.
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“Since the last four days, BTC has been on a slight upswing … The mood in the crypto market continues to be ‘extreme fear’, and the daily trend for BTC remains within a downward band form,” said analysts at WazirX.
Others are less confident. Will Clemente, a cryptanalyst for the mining company Blockware, cited the 200-week moving average (WMA) of $ 22,520 as a significant statistic. “The price decline may continue if the BTC price remains below this level,” he said.
Featured image from Finshots, chart from TradingView.com
