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.
Can Bitcoin win back bear market support?
That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area that commentators argued would be hard to crack.
"Not expecting continuation on Bitcoin, at this point, as we're facing 200-Week MA and 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.
Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:
"Slight consolidation would trigger continuation and break above $22,600 would activate massive longs towards $28,000. Good times."
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.
Data from fellow monitoring resource Material Indicators showed similar support building on the Binance order book.
Ethereum preserves performance
Beating even Bitcoin's progress, ETH/USD was the darling of traders on the day, firmly upending the previously dire price action in place from May onward at the start of the Terra (LUNA) — now called Terra Classic (LUNC) — debacle.
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