Bitcoin (BTC) starts another week in a precarious position near $20,000 ahead of fresh macro upheaval.
After admittedly sealing its best week’s gains since March, the largest cryptocurrency is struggling to hold onto its recently-reclaimed levels.
Major resistance zones remain overhead, and with inflation data due for release later in the week, the coming days could prove unnerving for risk-assets everywhere.
At the same time, crypto market sentiment is showing signs of recovery, and on-chain metrics continue to underscore what should be Bitcoin’s latest macro price bottom.
With conflicting data everywhere, Cointelegraph takes a deeper look at potential market moving factors for the week ahead.
200-week moving average causes headaches
At around $20,850, the June 10 weekly close was hardly anything special for BTC/USD, but the pair still managed its best seven days’ growth in several months.
Ending Sunday a full $1,600 higher than its position at the start of the week, Bitcoin thus sealed progress not seen since March.
The success did not last, however, as the hours following the weekly close turned negative. At the time of writing, BTC/USD was targeting $20,400, data from Cointelegraph Markets Pro and TradingView showed.
Bitcoin’s ability to hold current levels could be key in deciding the mood this Summer, as relief on global equities would provide an opportunity for crypto to erase some of its losses from recent months.
Commentators including trading suite Decentrader thus eyed the weekly chart with interest.
Weekly look on $BTC futures. Current candle is set to close on a bullish engulfing bar above the Moonraker and weekly vwap. Momentum is turning up as well. If stocks continue to turn up and have a summer rally $BTC and crypto should likely follow. https://t.co/tlkrnTsG33
— Decentrader (@decentrader) July 10, 2022
Others were less enthusiastic, noting that BTC/USD had still performed another close below the essential 200-week moving average (WMA) at around $22,500.
In previous bear markets, the 200 WMA acted as a general support level, with Bitcoin wicking below it briefly to put in macro bottoms. This time, however, appears to be different, as $22,500 has been absent from the chart for a month.
#BTC weekly candle has rallied +15% but is still holding resistance under the 200MA for 3 weeks.
Lower time frames are a bit more bullish, indicators are cooling off but markets remain…
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