Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close.
Classic levels for end-of-week price focus
The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.
These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.
“Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update of July 24:
“I think we’ll hang around 22.5k for today’s weekly close, new week starting with action down to 21-21.6k and then up for the rest of the week, forming a bull flag.”
The 50-day and 200-week MAs stood at $22,370 and $22,690, respectively, at the time of writing, with spot price at $22,670.
Continuing, fellow trader and analyst Jibon described the upcoming weekly close as “very very important.” An accompanying chart singled out $21,944 and $22,401 as the lines in the sand for a “bad” or “good” close.
Earlier in the week, Jibon had warned that such a “bad” result could be the start of a retracement to new macro lows for Bitcoin — as low as $12,000 — which continued strength could fuel a relief rally as high as $40,000.
If it were to close at current levels, BTC/USD would seal its highest levels since mid-June.
Ether, Cardano lead altcoins as ETH outlows rise
ETH/USD returned to $1,600 on the day, while ADA/USD likewise looked to challenge its $0.548 peak from during the week, marking its best performance since June 12.
Analyzing the current environment, traders noted the significance of Ether’s 2018 high of $1,530, a level which became long-term resistance and which returned as resistance again in June.
$ETH— White Walker (@cryptowhitewalk) July 23, 2022
after spending few weeks below 2017 ATH level #ethereum is trying to close above it
still has 2 days left for the weekly close though
close above and this pushes till 2300 imo
close below and this keeps chopping and maybe even make new lows..who knows pic.twitter.com/EGsvpyTB6T
As price action strengthened, meanwhile, outflows of ETH from major exchanges intensified. On July 22, according to data from on-chain analytics firm CryptoQuant, those flows totaled 1.87 million coins.
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