Bitcoin (BTC) focused on $21,000 into the weekend amid warnings that volatility could still consume the market before Monday.
S&P 500 sees second best week of 2022
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD broadly higher in its recent trading range after U.S. stocks ended the week strong.
As noted by markets commentators Holger Zschaepitz, the S&P 500 sealed its second best week of 2022, indicative of modest relief across risk assets.
In case you missed it: S&P 500 has gained >6% in 2nd-best week of 2022 as disinflationary forces gather steam & #Fed tightening expectations recede. Investors now see the key interest rate at only 3.4% at the end of 2022, a full 35bps lower than at the start of the week. pic.twitter.com/pE4TsrXXAp
— Holger Zschaepitz (@Schuldensuehner) June 25, 2022
Bitcoin was on track to log slights gains at its weekly close, the first weekly green candle — albeit small — since May.
Before then, however, anything could happens, according to on-chain analytics resource Material Indicators (MI).
Referencing recent weekend price action, MI recommended Twitter followers not to be complacent in the absence of weekday volume.
“If BTC can take out the 200 WMA there is room to run,” part of one post read.
“Wknds have been wild so buckle up. A retest of the lows can come as fast as a rip to $24k.”
An attached chart of order book data from largest global exchange Binance offered a glimpse into buy and sell plans from traders. Below spot price, there was little support in terms of volume until $19,000, while conversely, heavy resistance lay just north of $22,000.
That level marked the key 200-week moving average (WMA) for BTC/USD, this being necessary for bears to reclaim to change the trend, various sources believe.
Altcoins set for first green week since March
Altcoins were also calm on the day while eyeing an impressive week of gains within the gloomy overall macro market context.
Related: Ethereum price breaks out as ‘bad news is good news’ for stocks
In the top ten cryptocurrencies by market cap, several tokens stood around 30% higher than seven days previously at the time of writing.
Among them was Ether (ETH), up 28% and lingering around $1,200.
In a dedicated order book post, MI noted that ETH/USD had also performed a retest of the 200WMA, but that trouble could still lie ahead.
#ETH with…
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