Bitcoin (BTC) focused on $21,000 over 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 to be quite high in the last trading range after US stocks closed the week strong.
As market commentators Holger Zschaepitz noted, the S&P 500 closed its second best week of 2022, indicative of modest relief in risk assets.
If you missed it: S&P 500, 2nd best week of 2022 disinflationary forces steam and #Feed tightening expectations. Investors now see the key interest rate at just 3.4% at the end of 2022, exactly 35 basis points lower than at the start of the week. pic.twitter.com/pE4TsrXXAp
— Holger Zschaepitz (@Schuldensuehner) 25 June 2022
Bitcoin was on track to post slight gains at its weekly close, the first, albeit small, weekly green candle since May.
However, anything can happen before that, according to the on-chain analytics resource Materials Indicators (MI).
Referring to the price action over the last weekend, MI advised its Twitter followers not to be indifferent in the absence of weekday volume.
Part of a post is “If BTC can handle 200 WMA, there’s room to work” you read.
“Wknds are wild, so buckle up. A retest of the lows can come as fast as a rip off for $24,000.”
Attached order book data from the largest global exchange Binance offered traders a glimpse into their buying and selling plans. Below the spot price, there was little support in terms of volume up to $19,000, while conversely, there was heavy resistance just north of $22,000.
This level marks the 200-week key moving average (WMA) for BTC/USD, which is necessary for the bears to step back to change the trend, according to various sources.
Altcoins prepare for first green week since March
Altcoins were also calm on the day, watching an impressive week of gains in the context of the gloomy overall macro market.
Related: Ethereum price explodes as ‘bad news is good news’ for stocks
In the top ten cryptocurrencies by market cap, several tokens were about 30% higher at the time of writing than seven days ago.
Among them was Ether (ETH), which is up 28%, remaining around $1,200.
In a special order book post, MI noted that ETH/USD is retesting 200WMA, but this issue may still persist.
#ETH With a legitimate retest of 200 WMAs on the volume of the latest Trend Precognition signal. You want to see next week’s candle with a clean open and close on it without another bottom sweep to confirm. There is concern that 21 WMA will cross 100 WMA triggering another dump. #NFA pic.twitter.com/aLOXFideJX
— Material Indicators (@MI_Algos) 24 June 2022
Elsewhere, Shiba Inu (SHIB) was up 50% from last week, while Polygon (MATIC) stole the show with 70% weekly gains.
For Cointelegraph contributor Michaël van de Poppe, there was still every reason to enter the crypto markets.
“From an investment thesis (everything ceteris paribus) is a great time to look for altcoins you want to own,” he said. said Twitter followers.
“In 2021 everyone was dreaming of buying these at these low prices. Now there’s a chance and people don’t dare to decide. Typical.”
On a weekly basis, altcoin market cap has increased by $37 billion over the week, setting its first green candle since March.
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