Bitcoin (BTC) focused on $21,000 over the weekend amid warnings that volatility could still consume the market ahead of Monday.
S&P 500 sees second best week of 2022
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was well above its recent trading range after US equities ended the week strong.
As market commentators Holger Zschaepitz noted, the S&P 500 sealed its second-best week of 2022, indicating modest relief from risk assets.
In case you missed it: S&P 500 gained >6% in 2nd best week of 2022 as disinflationary forces gain momentum and #Feed tightening expectations are fading. Investors now see the policy rate at just 3.4% at the end of 2022, 35 bps lower than at the start of the week. pic.twitter.com/pE4TsrXXAp
— Holger Zschaepitz (@Schuldensuehner) June 25, 2022
Bitcoin was on track to post modest gains at its weekly close, the first weekly green candle – albeit a small one – since May.
Before that, however, anything could happen, according to on-chain analysis resource Material Indicators (MI).
Referencing recent price action over the weekend, MI advised Twitter followers not to be complacent in the absence of weekday volume.
“If BTC can clear the 200 WMAs, there’s room to run”, part of an article Lily.
“Prices have been crazy, so buckle up. A retest of the lows can come as fast as a tear at $24,000.”
An attached chart of order book data from the world’s largest exchange Binance offered some insight into traders’ buying and selling plans. Below the spot price, there was little support in terms of volume up to $19,000, while conversely, strong resistance lay just north of $22,000.
This level marked the key 200-week moving average (WMA) for BTC/USD, which is needed for the bears to recover to change the trend, according to various sources.
Altcoins set for first green week since March
Altcoins were also calm on the day while looking forward to an impressive week of gains amid the bleak overall macro market backdrop.
Related: Ethereum price breaks out as “bad news is good news” for stocks
In the top ten cryptocurrencies by market capitalization, several tokens were around 30% higher than seven days ago at the time of writing.
Among them was Ether (ETH), up 28% and lingering around $1,200.
In a dedicated order book post, MI noted that ETH/USD also retested 200WMA, but issues may still arise.
#ETH with a legit retest of the 200 WMA on the volume of the latest Trend Precognition signal. You want to see next week’s candle with a clean open and close above without another sweep of the lows to validate. The 21 WMAs concerned will cross the 100 WMAs and trigger another dump. #NFA pic.twitter.com/aLOXFideJX
— Material Indicators (@MI_Algos) June 24, 2022
Elsewhere, Shiba Inu (SHIB) was up 50% from last week, while Polygon (MATIC) stole the show with weekly gains of 70%.
For Cointelegraph contributor Michaël van de Poppe, there was still every reason to enter the crypto markets now.
“Based on an investment thesis (all things being equal), now is a great time to research the altcoins you want to have,” he said. Told Twitter followers.
“In 2021, everyone dreamed of buying them at these low prices. Now the chances are there and people don’t dare to make the decision. Typical.”
On a weekly basis, the altcoin’s market capitalization increased by $37 billion during the week, set for its first green candle since March.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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