Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5K

cointelegraph.com:

Bitcoin (BTC) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance  in one go.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.

That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.

"Not expecting continuation on Bitcoin, at this point, as we're facing 200-Week MA & range resistance," Cointelegraph contributor Michaël van de Poppe told Twitter followers in his latest update.

Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.

#BTC still remains below the 200-week MA resistanceUntil that level breaks, it’s technically premature to assume this is now a sustained relief rally$BTC #Crypto #Bitcoin

Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:

Both Bitcoin and altcoins made the most of relief on equities markets on the day, with Asia and the United States making modest gains as the U.S. dollar retreated.

The S&P 500 and Nasdaq Composite Index were up 0.7% and 1%, respectively, at the time of writing, one hour after the opening bell.

"Prime time for Bitcoin," on-chain analytics resource Whalemap meanwhile forecast, offering a more optimistic take based on major buyer interest below spot price.

Prime time for #Bitcoin Bounce from whale supports at ~$21k and we are ready to pic.twitter.com/x8hcmcgUw0

Data from fellow monitoring resource Material Indicators showed similar support building on the Binance order book.

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