Cryptocurrency
Bitcoin Gives ‘Encouraging Signs’ – Watch These BTC Price Levels
(CTN News) – The price of bitcoin (BTC) headed toward the upper end of its trading range on June 24 as traders’ predictions grew more optimistic as the day progressed.
BTCUSD 1-hour candle chart
Bitcoin price “ready for $23,000”
BTC/USD hit local highs of $21,425 on Bitstamp based on data from Cointelegraph Markets Pro and TradingView.
With United States equities similarly cool, the pair had moved higher since wicking below $20,000 on June 22.
“Bitcoin is ready for $23,000,” Cointelegraph contributor Micha*l van de Poppe informed Twitter followers on the day.
$23,000 formed a popular upside target for commentators and sellers just above the 200-week moving average (WMA).
Traders on Bitfinex had set asks in that area, allowing Bitcoin/USD to “fakeout” above the 200WMA if a squeeze occurred.
The 200WMA, which has held up price in previous bear markets, will be of great interest to traders when price revisits it, Decentrader wrote in its latest market update.
While crypto was still “not out of the woods,” the market was showing “encouraging signals for bulls,” according to the firm.
Trader targets $1,500 for Ethereum
As the week came to an end, altcoins dominated on low timeframes.
On the day, Ether (ETH), the largest altcoin by market capitalization, gained almost 10%.
Solana (SOL) and Ripple (XRP) performed even better, with weekly returns of nearly 30% for the latter.
At the time of writing, only UNUS SED LEO (LEO) was bucking the trend, trading down 5.8% at the time.
SOLUSD 1-hour candle chart
“Great market environment here, as markets continue to rise,” Van de Poppe said in a separate update. He predicted that ETH/USD would reach $1,500 in the near future.
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