Bitcoin ready to attack key trendline, says data as BTC price holds $20K

cointelegraph.com:

Bitcoin (BTC) consolidated higher on July 16 after the Wall Street trading week finished with modest gains for United States equities.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging between $20,500 and $21,000 into the weekend.

The pair thus preserved the majority of its comeback from the week's lows, these following shock U.S. inflation data and sparking weakness across risk assets.

Now, out-of-hours trading meant that the classic scenario of breakouts and fakeouts on thin liquidity could accompany Bitcoin into the weekly close.

Eyeing order book data from Binance, the largest global exchange by volume, showed key resistance clustered around the $22,000 mark should bulls attempt to nudge the market higher.

For monitoring resource Material Indicators, however, there was a distinct possibility that Bitcoin could even challenge its 200-week moving average (WMA), a key bear market trendline lost as support over a month ago.

#BTC is looking for another retest of the 200 WMA, currently ~$22.6k. #FireCharts pic.twitter.com/rRvbI8cPl2

"It's easy to become bullish on BTC on a green day & bearish on a red day," popular trader and analyst Rekt Capital added in separate comments.

As Cointelegraph reported, that sentiment achieved an unenviable record this week, as crypto markets capped their longest-ever period in a state of "extreme fear" as per the Crypto Fear & Greed Index.

Monitoring miner behavior, meanwhile, one analyst at on-chain analytics platform CryptoQuant sounded the alarm over a potential sell-off.

Related: Bitcoin miners sell their hodlings, and ASIC prices keep dropping — What’s next for the industry?

14,000 BTC was transferred from miner wallets on July 15, Binh Dang showed, and while not