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.

BTC / USD 1-hour light chart (bit stamp). Source: TradingView

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.

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.

Binance BTC / USD order book data chart. Source: Material Indicators / Twitter

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.

Elsewhere, Shiba Inu (SHIB) was up 50% compared to last week, while Polygon (MATIC) stole the show with 70% weekly winnings.

MATIC / USD 1-day chart (Binance). Source: TradingView

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.

Altcoin market value 1-week light chart. Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should conduct your own research when making a decision.