Categories: Bitcoin Latest News

Bitcoin Drills Into $22,000 Level – But Not All BTC Investors Are Jubilating

Bitcoin (BTC) is now showing signs of vigor, after weeks of being smothered in crimson, and drilling past the $21,000 level, to the delight of some crypto investors.

As of this writing, the most sought after crypto asset is trading at $22,200, up 13% in the last seven days, data from Coingecko show, Friday.

BTC reclaimed 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 far above its mid-June selloff low of $18,000.

Friday, the market capitalization of all cryptocurrencies increased by about 2 percent over the previous day. On the same day, the global crypto market was valued at $919 billion.

Suggested Reading | Ethereum (ETH) Shifts To High Gear – Crosshair Locked At $1,250?

Bitcoin Green Day – On To The Next Support

The volume of the cryptocurrency market, on the other hand, decreased by more than 18 percent over the past 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” on the markets comes in the wake of rising unemployment claims in the U.S., which could indicate that the “pressure on wages may have now peaked.”

After a transition above the $20,500 level, the price of BTC began a steady ascent and tested the $22,200 mark, where it encountered selling interest and proceeded 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 near $22,500; over this level, the price might climb to $23,000.

BTC total market cap at $415 billion on the daily chart | Source: TradingView.com
Some Analysts Are Not Ecstatic By BTC Rally

Some observers maintain that the crypto’s trajectory remains negative. “Roman” on Twitter said, “Many are growing exuberant and bullish as we have repeated identical candle patterns over the past eight months.”

According to him, BTC’s break of the $22K barrier is the latest in a string of “fakeouts” that will mislead many traders into assuming the bottom has been reached, despite the fact that the trend remains unfavorable.

Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

“Since the last four days, BTC has been on a small uptick… The sentiment on the crypto market continues to be “extreme fear,” and the daily trend for BTC remains within a downward band shape,” analysts at the WazirX said.

Others are less confident. Will Clemente, crypto analyst for the mining company Blockware, cited the 200-week moving average (WMA) of $22,520 as a significant statistic. “The price decline could continue if BTC price remains below this level,” he stated.

Featured image from Finshots, chart from TradingView.com

Bitcoin (BTC) is now showing signs of vigor, after weeks of being smothered in crimson, and drilling past the $21,000 level, to the delight of some crypto investors.

As of this writing, the most sought after crypto asset is trading at $22,200, up 13% in the last seven days, data from Coingecko show, Friday.

BTC reclaimed 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 far above its mid-June selloff low of $18,000.

Friday, the market capitalization of all cryptocurrencies increased by about 2 percent over the previous day. On the same day, the global crypto market was valued at $919 billion.

Suggested Reading | Ethereum (ETH) Shifts To High Gear – Crosshair Locked At $1,250?

Bitcoin Green Day – On To The Next Support

The volume of the cryptocurrency market, on the other hand, decreased by more than 18 percent over the past 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” on the markets comes in the wake of rising unemployment claims in the U.S., which could indicate that the “pressure on wages may have now peaked.”

After a transition above the $20,500 level, the price of BTC began a steady ascent and tested the $22,200 mark, where it encountered selling interest and proceeded 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 near $22,500; over this level, the price might climb to $23,000.

BTC total market cap at $415 billion on the daily chart | Source: TradingView.com

Some Analysts Are Not Ecstatic By BTC Rally

Some observers maintain that the crypto’s trajectory remains negative. “Roman” on Twitter said, “Many are growing exuberant and bullish as we have repeated identical candle patterns over the past eight months.”

According to him, BTC’s break of the $22K barrier is the latest in a string of “fakeouts” that will mislead many traders into assuming the bottom has been reached, despite the fact that the trend remains unfavorable.

Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

“Since the last four days, BTC has been on a small uptick… The sentiment on the crypto market continues to be “extreme fear,” and the daily trend for BTC remains within a downward band shape,” analysts at the WazirX said.

Others are less confident. Will Clemente, crypto analyst for the mining company Blockware, cited the 200-week moving average (WMA) of $22,520 as a significant statistic. “The price decline could continue if BTC price remains below this level,” he stated.

Featured image from Finshots, chart from TradingView.com

Tags: Bear marketbitcoinbtccryptoGreen Day

FeedzyRead More

Recent Posts

Recent Inflows Into Spot Bitcoin ETFs Could Be Purely Directional Plays: Van Straten

The bitcoin market is seeing unusual activity, hinting at increased adoption of the U.S.-listed spot…

58 minutes ago

With U.S. Financial Conditions the Loosest in Years, Bitcoin Can Continue to Thrive: Van Straten

Financial conditions in the U.S. are the loosest they have been in three years, according…

3 hours ago

Is Bitcoin $100,000 Goal In Jeopardy? Options Market Show Increased Downside Protection

As attention shifts to altcoins, Bitcoin (BTC) has experienced a pause in the uptrend that…

6 hours ago

Bitcoin Exchange Reserves Plunge To Multi-Year Lows: Will BTC Gain From Supply Crunch?

According to data from CryptoQuant, Bitcoin (BTC) reserves on cryptocurrency exchanges have dropped to a…

7 hours ago

Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump’s Policies

Despite a notable pause in its upward trend, Bitcoin (BTC) is approaching the landmark $100,000…

8 hours ago

XRP, Bitcoin See Lack Of Euphoria: Why This Is Bullish

Data shows social media users aren’t euphoric towards Bitcoin, XRP, and other top cryptocurrencies despite…

9 hours ago