bitcoin (BTC) found strength at $22,000 on July 24, with bulls still targeting a strong green weekly close.
Classic levels to focus on weekend prices
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD halted a weekend low at $21,900 to retrace towards the day’s lows of $23,000.
The pair held a trading range narrowly focused on major long-term trend lines, which analysts had previously described as key to recover.
These included the 50 days and 200 weeks moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.
“Hmmh we held the 13d ema perfectly + horizontal 21.9k,” popular Twitter trading account CryptoMellany said in part of her. Last update day.
“I think we are going to stay around 22.5000 for today’s weekly close with the new week starting with action down to 21-21.6000 and then for the rest of the week forming a bullish flag.”
The 50-day and 200-week MAs stood at $22,370 and $22,690, respectively, at the time of writing, with a spot price of $22,670.
Pursuant, fellow trader and analyst Jibon describe the upcoming weekly close as “very very important”. An accompanying chart identified $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” outcome could be the start of a retracement to new macro lows for Bitcoin – as low as $12,000 – whose continued strength could fuel a relief rally as high as $40,000.
If it were to close at current levels, BTC/USD would seal its highest levels since mid-June.
Ethereum and Cardano Lead Altcoins as ETH Outflow Rises
On altcoins, Ether (ETH) and Gimbal (ADA) were the weekend’s best performers, with both rejecting lower tiers.
Related: Ethereum Price ‘Cup and Handle’ Pattern Hints at Potential Breakout Against Bitcoin
ETH/USD returned to $1,600 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 at $1,530, a level that became long-term resistance and turned back into resistance in June.
$ETH
after spending a few weeks below the 2017 ATH level #ethereum try to close above
there are still 2 days left for the weekly closing
close above and it pushes up to 2300 imo
close below and it continues to chop and maybe even create new lows.. who knows pic.twitter.com/EGsvpyTB6T— White Walker (@cryptowhitewalk) July 23, 2022
As the price action strengthened, outflows of ETH from major exchanges intensified. July 22, according to data from the on-chain analytics firm CryptoQuantthese flows totaled 1.87 million coins.
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