Bitcoin bulls still have a battle on their hands in low-volume weekend trading, analysis warns, while altcoins preserve multi-week record gains.
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
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.
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 a legit retest of the 200 WMA on volume of the latest Trend Precognition signal. Want to see next week’s candle w/ a clean open and close above it without another sweep of the lows to validate. Concerned the 21 WMA will cross the 100 WMA and trigger another dump. #NFA pic.twitter.com/aLOXFideJX
— Material Indicators (@MI_Algos) June 24, 2022
For Cointelegraph contributor Michaël van de Poppe, there was still every reason to enter crypto markets now.
“From an investment thesis (all things ceteris paribus), it’s a great period to look for those altcoins that you want to have,” he told Twitter followers.
“In 2021, everyone dreamed of buying those at those low price values. Now the chances are there and people don’t dare to make the decision. Typical.”
On the weekly basis, the altcoin market cap was up $37 billion over the week, set for its first green candle since March.
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