Bitcoin tricks with $ 22K when US dollar falls from the top, Ethereum rises 20%
Bitcoin (BTC) squeezed $ 22,000 on July 19 as macro conditions slowly turned to favor risk assets.
Stocks, crypto rise as the dollar weakens
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD cooling volatility just below the crucial 200-week moving average (WMA).
The Wall Street opening saw further gains for US stocks in the face of a falling US dollar, which extended the retracement after reaching its final peak in two decades.
The US dollar index (DXY) stood at around 106.5 at the time of writing, down 2.6% from its highest on 14 July.
For Bitcoin analysts, it was therefore a case of waiting and seeing as the markets fluctuated between buying and selling levels.
These are the options on #Bitcoin not true .. If we can maintain above the $ 21,700 range and gain momentum, we can pump for the wave 3 ..
But if we die down, I’m looking for another corrective wave down. pic.twitter.com/cLGVGdTivK
– Crypto Tony (@CryptoTony__) July 19, 2022
“Have shared this chart before, but just like $ DXY thinks, which results in risk assets showing some momentum,” tweeted Cointelegraph contributor Michaël van de Poppe in a Update on the day along with a DXY chart.
“Dishes must fall now as well, but the weakness of the dollar may give more strength to crypto and Bitcoin.”
On-chain monitoring resource material indicators meanwhile flagged the difference in strength between “psychological” levels as $ 21,000 and $ 22,000 and 200 WMA closer to $ 23,000.
“IMO, resistance at $ 21k and $ 22k is psychological, while 200 WMA acts as legitimate technical resistance. FireCharts shows more BTC bid liquidity coming in to support a $ 21k R / S flip,” it said. told Twitter followers on the day publish data from the Binance order book.
“Looking for more bid liquidity to challenge the increasingly important 200 WMA.”
The day belongs to Ethereum
Deja vu for altcoin traders, meanwhile, came in the form of better performance from Ether (ETH) versus the other day gains of other major cryptocurrencies.
Related: 100X Bitcoin energy consumption would mean “absurd” $ 20M BTC price – developer
ETH / USD, already up 25% in one week, increased its momentum overnight, climbing another 20% in just over 24 hours to pass $ 1,600.
Opposition in the form of the 2018 high of $ 1,530 posed little problem for bulls, with the level forming a support focus at the time of writing.
“Ethereum in relation to Bitcoin has closed over a key resistance,” the popular trading account Game of Traders forecast.
“Tighten up for some great moves.”
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