Bitcoin (BTC), which reached a seven-day peak above $24,000 this week was at its highest level since mid June.
However, the benchmark cryptocurrency has found it difficult to break higher and a subsequent cooling caused it to drop to $22,600 Friday evening.
Analysts at Citi and JPMorgan, as well as market observers, say that sentiment is improving in the market due to the dissipation of the recent turmoil. Analysts are observing the BTC levels.
Watch out for these key Bitcoin levels: Analysts share their top tips
Rekt Capital, a popular crypto analyst says The next major move for BTC/USD is to close below or at the 200-week moving mean. The price level that is important is $22.8k.
“BTC is see-sawing around the 200-week MA all week,” the analyst said, adding that “the most important thing will be the confirmation relative to the 200-week MA in the form of a Weekly Candle Close. The 200-week MA represents the price point of $22800.”
Mayne, crypto trader suggests bulls need to hold above $22.5k to maintain this week’s positive outlook.
“Simple view, potential range break out. If we can keep above $22.5k/range top, upside could be lucrative. This was a deviation. The move above range high becomes your risk as you target shorts back into the range.”
Another analyst, the pseudonymous Shardi B says Nasdaq’s 1.87% dip on Friday may cascade into the crypto market, a likely scenario given the high correlation between risk assets (crypto and equities).
Nasdaq fell off a cliff…causing short term damage here…
Watching the $22.768 line…. pic.twitter.com/ywlgZsrlKL
— Don’t Follow Shardi B If You Hate Money $ (@ShardiB2) July 22, 2022
Cryptotrader CryptoGodJon believes that flipping higher and keeping above $24.5k could lead to a breakout into the $27k-$28k area. A dip below current levels could open up the possibility of a breakout to $27k-$28k range.
It would be a huge move to make for my family. #BTC It is coming soon
Hold on to $24,200. I think we can get to $27-$28k pretty quickly.
If we accept back into the range, I am looking to flush down to $20k
It’s easy to invalidate both. Stay safe. pic.twitter.com/YVw7PGKK44
— CryptoGodJohn (@CryptoGodJohn) July 22, 2022