• Market Cap: $1,085,490,392,723.23
  • 24h Vol: $27,553,309,852.12
  • BTC Dominance: 47.14%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin price surges to $21.8K, but analysts warn that the move could be a fakeout

Jon Hartney by Jon Hartney
July 8, 2022
in Bitcoin, Blockchain, Business, Market
0
Bitcoin price surges to $21.8K, but analysts warn that the move could be a fakeout
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Traders rejoice after BTC price spikes 7% to $21,800, but analysts say the macro downtrend is likely to prevail for the foreseeable future.

Hope springs eternal for many crypto investors after the market saw positive price movement on July 7, alongside gains in the traditional market. 

Daily cryptocurrency market performance. Source: Coin360

The green day in the markets comes amid a backdrop of increasing jobless claims in the U.S., which is a possible signal that “the pressure on wages may have now peaked” according to Harris Financial Group Managing Partner Jamie Cox. According to Cox, a continuation of this trend could result in financial conditions that are “tight enough to allow the Fed to throttle back on the scale of rate increases.”

Related articles

Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle?

Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle?

September 27, 2023
Ben Armstrong spends night in jail with prowling, simple assault charges

Ben Armstrong spends night in jail with prowling, simple assault charges

September 27, 2023

Data from Cointelegraph Markets Pro and TradingView shows that after trading near $20,400 for a majority of the day on July 7, the price of Bitcoin (BTC) spiked nearly 7% in the afternoon hours to hit a daily high of $21,860.

BTC/USDT 1-day chart. Source: TradingView

As the crypto faithful attempt to navigate the choppy waters of the crypto winter in search of a market bottom, here’s what several analysts are predicting could be next for Bitcoin.

The trend remains negative

Twitter user “Roman” posted the following chart noting that “Many are becoming euphoric and bullish as we have repeated similar candle patterns for the last 8 months.”

BTC/USDT 1-day chart. Source: Twitter

In Roman’s view, this is just the latest in a series of fakeouts that will trick a lot of traders into believing the bottom is in while in reality, the trend remains negative.

Roman said,

“Volume decreasing in a range is consolidation for continuation of trend. Not to mention thousands of inflows to exchanges before each top.”

A recovery above $23,000 would be bullish

Another trader who holds the view that the trend remains decidedly negative is pseudonymous Twitter user Gilberto, who provided the following chart noting that Bitcoin’s price recently broke out of a pennant formation.

BTC/USD 4-hour chart. Source: Twitter

Gilberto said,

“Bullish above $23K, for now daily trend is still downwards.”

As for what the potential price path for Bitcoin could look like if it continues along the downward trend, market analyst Crypto Tony posted the following chart which outlines a “worst-case scenario” that could see BTC bottom near $12,000.

BTC/USD 1-week chart. Source: Twitter

Crypto Tony said,

“I do not think we see the start of the next impulse until later next year and a new bull run peak until 2024 – 2025. I am already positioned at $22-24K and will add if we drop to $17 – 15K.”

Related: Bitcoin traders expect a ‘generational bottom,’ but BTC derivatives data disagrees

Traders watch the 200-week moving average

When it comes to metrics that have been reliably used to help determine market bottoms, the 200-week moving average (MA) is one of the most popular and widely cited indicators that traders use to identify good buying opportunities.

BTC/USD 1-week chart. Source: Twitter

With Bitcoin now back below its 200-week MA for only the fourth time in its history, speculation has begun to mount about how long it will take to recover back above this line and what the appetite for trading will be like once it reaches there.

In response to this possible scenario, independent market analyst Michaël van de Poppe posted the following tweet outlining what he thinks might occur once the 200-week MA is recovered.

There's probably an insane amount of liquidity above the 200-Week MA.

If #Bitcoin breaks that level, I'm assuming we'll probably be getting a run of $2-5K upwards in just a few days to $28-30K.

And then the sentiment will flip too.

— Michaël van de Poppe (@CryptoMichNL) July 7, 2022

The overall cryptocurrency market cap now stands at $957 billion and Bitcoin’s dominance rate is 43.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle?

Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle?

by Jon Hartney
September 27, 2023
0

Ethereum price is eyeing a recovery wave from $1,565 against the US Dollar ETH could rise steadily if it settles...

Ben Armstrong spends night in jail with prowling, simple assault charges

Ben Armstrong spends night in jail with prowling, simple assault charges

by Jon Hartney
September 27, 2023
0

Crypto influencer Ben “BitBoy” Armstrong was released on bail around 8 hours after being booked by Gwinnett County

Bitcoin Price Could See Recovery If It Holds This Key Support

Bitcoin Price Could See Recovery If It Holds This Key Support

by Jon Hartney
September 27, 2023
0

Bitcoin price is consolidating above the $26,000 support BTC could start a recovery wave if it clears the $26,500 resistance...

AirBit Club ‘ponzi’ co-founder gets 12 years prison

AirBit Club ‘ponzi’ co-founder gets 12 years prison

by Jon Hartney
September 27, 2023
0

Convicted fraudster Pablo Renato Rodriguez will also need to serve three years of supervised release after he finishes

Mastermind Behind Massive Crypto Ponzi Scheme AirBit Club Receives 12-Year Prison Sentence

Mastermind Behind Massive Crypto Ponzi Scheme AirBit Club Receives 12-Year Prison Sentence

by Jon Hartney
September 27, 2023
0

In a landmark verdict, Pablo Renato Rodriguez, the co-founder of AirBit Club, has been sentenced to 12 years in prison...

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle?

Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle?

September 27, 2023
Ben Armstrong spends night in jail with prowling, simple assault charges

Ben Armstrong spends night in jail with prowling, simple assault charges

September 27, 2023
Bitcoin Price Could See Recovery If It Holds This Key Support

Bitcoin Price Could See Recovery If It Holds This Key Support

September 27, 2023
AirBit Club ‘ponzi’ co-founder gets 12 years prison

AirBit Club ‘ponzi’ co-founder gets 12 years prison

September 27, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle? September 27, 2023
  • Ben Armstrong spends night in jail with prowling, simple assault charges September 27, 2023
  • Bitcoin Price Could See Recovery If It Holds This Key Support September 27, 2023
  • AirBit Club ‘ponzi’ co-founder gets 12 years prison September 27, 2023
  • Mastermind Behind Massive Crypto Ponzi Scheme AirBit Club Receives 12-Year Prison Sentence September 27, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$26,232.00-0.41%
  • ethereumEthereum(ETH)$1,591.720.01%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.09%
  • binancecoinBNB(BNB)$212.950.73%
  • rippleXRP(XRP)$0.50-0.55%
  • usd-coinUSDC(USDC)$1.00-0.03%
  • staked-etherLido Staked Ether(STETH)$1,592.490.15%
  • cardanoCardano(ADA)$0.245310-0.34%
  • dogecoinDogecoin(DOGE)$0.060618-0.68%
  • solanaSolana(SOL)$18.93-2.65%
  • tronTRON(TRX)$0.0851030.64%
  • ToncoinToncoin(TON)$2.10-3.93%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • polkadotPolkadot(DOT)$4.00-1.34%
  • matic-networkPolygon(MATIC)$0.51-2.61%
  • litecoinLitecoin(LTC)$63.88-1.14%
  • shiba-inuShiba Inu(SHIB)$0.000007-1.10%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,224.00-0.32%
  • bitcoin-cashBitcoin Cash(BCH)$214.080.99%
  • chainlinkChainlink(LINK)$7.38-1.40%
  • daiDai(DAI)$1.000.01%
  • true-usdTrueUSD(TUSD)$1.00-0.07%
  • leo-tokenLEO Token(LEO)$3.66-3.46%
  • uniswapUniswap(UNI)$4.29-0.27%
  • avalanche-2Avalanche(AVAX)$9.040.38%
  • stellarStellar(XLM)$0.111852-0.43%
  • moneroMonero(XMR)$144.880.04%
  • okbOKB(OKB)$42.94-0.80%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • binance-usdBUSD(BUSD)$1.00-0.01%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • ethereum-classicEthereum Classic(ETC)$15.10-0.62%
  • cosmosCosmos Hub(ATOM)$6.97-1.39%
  • hedera-hashgraphHedera(HBAR)$0.048995-2.48%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.19-0.75%
  • internet-computerInternet Computer(ICP)$2.98-0.34%
  • crypto-com-chainCronos(CRO)$0.0507740.55%
  • lido-daoLido DAO(LDO)$1.47-1.20%
  • makerMaker(MKR)$1,417.305.50%
  • quant-networkQuant(QNT)$87.01-1.03%
  • MantleMantle(MNT)$0.389017-0.86%
  • AptosAptos(APT)$5.28-4.56%
  • vechainVeChain(VET)$0.016478-0.99%
  • ArbitrumArbitrum(ARB)$0.820.49%
  • optimismOptimism(OP)$1.291.52%
  • nearNEAR Protocol(NEAR)$1.08-2.23%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.046334-1.62%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,729.660.20%
  • aaveAave(AAVE)$60.89-1.13%
  • BitDAOBitDAO(BIT)$0.592.96%
  • the-graphThe Graph(GRT)$0.086946-1.30%
  • WhiteBIT CoinWhiteBIT Coin(WBT)$5.23-0.09%
  • algorandAlgorand(ALGO)$0.095221-3.67%
  • usddUSDD(USDD)$1.00-0.04%
  • immutable-xImmutableX(IMX)$0.58-4.06%
  • fraxFrax(FRAX)$1.000.01%
  • xdce-crowd-saleXDC Network(XDC)$0.047742-3.54%
  • havvenSynthetix Network(SNX)$2.011.08%
  • blockstackStacks(STX)$0.453540-3.12%
  • theta-tokenTheta Network(THETA)$0.63-0.10%
  • eosEOS(EOS)$0.56-1.10%
  • radixRadix(XRD)$0.0617204.59%
  • elrond-erd-2MultiversX(EGLD)$24.25-2.15%
  • Bitget TokenBitget Token(BGB)$0.447790-0.54%
  • the-sandboxThe Sandbox(SAND)$0.3031320.62%
  • tezosTezos(XTZ)$0.66-0.06%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • injective-protocolInjective(INJ)$7.221.22%
  • bitcoin-cash-svBitcoin SV(BSV)$30.950.21%
  • axie-infinityAxie Infinity(AXS)$4.51-2.44%
  • render-tokenRender(RNDR)$1.49-0.87%
  • decentralandDecentraland(MANA)$0.297102-0.52%
  • gatechain-tokenGate(GT)$3.86-0.21%
  • fantomFantom(FTM)$0.187415-1.75%
  • thorchainTHORChain(RUNE)$1.731.26%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • neoNEO(NEO)$7.18-1.06%
  • kavaKava(KAVA)$0.620.04%
  • paxos-standardPax Dollar(USDP)$1.00-0.10%
  • pax-goldPAX Gold(PAXG)$1,895.68-0.57%
  • tether-goldTether Gold(XAUT)$1,897.94-0.88%
  • ecasheCash(XEC)$0.000024-0.90%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • curve-dao-tokenCurve DAO(CRV)$0.52-0.10%
  • flowFlow(FLOW)$0.440996-1.08%
  • compound-ethercETH(CETH)$31.980.29%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • convex-crvConvex CRV(CVXCRV)$1.47184.01%
  • frax-shareFrax Share(FXS)$5.79-0.13%
  • kucoin-sharesKuCoin(KCS)$4.43-0.84%
  • rocket-poolRocket Pool(RPL)$21.66-0.64%
  • Frax EtherFrax Ether(FRXETH)$1,589.840.13%
  • iotaIOTA(MIOTA)$0.148565-1.36%
  • apecoinApeCoin(APE)$1.11-2.62%
  • chilizChiliz(CHZ)$0.057506-1.02%
  • huobi-tokenHuobi(HT)$2.43-0.59%
  • First Digital USDFirst Digital USD(FDUSD)$1.00-0.09%