That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.
“Not expecting continuation on Bitcoin, at this point, as we’re facing 200-Week MA & range resistance,” Cointelegraph contributor Michaël van de Poppe told Twitter followers in his latest update.
Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.
Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:
“Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K. Good times.”
Both Bitcoin and altcoins made the most of relief on equities markets on the day, with Asia and the United States making modest gains as the U.S. dollar retreated.
The S&P 500 and Nasdaq Composite Index were up 0.7% and 1%, respectively, at the time of writing, one hour after the opening bell.
“Prime time for Bitcoin,” on-chain analytics resource Whalemap meanwhile forecast, offering a more optimistic take based on major buyer interest below spot price.
Data from fellow monitoring resource Material Indicators showed similar support building on the Binance order book.
Ethereum preserves performance
On altcoins, the show was still being stolen by Ether (ETH), which lingered near $1,500 after sealing its highest levels in over a month, with huge gains against BTC included.
Beating even Bitcoin’s progress, ETH/USD was the darling of traders on the day, firmly upending the previously dire price action in place from May onwards at the start of the Terra (LUNA) — now called Terra Classic (LUNC) — debacle.
Upcoming resistance lay in the form of Ethereum’s all-time high from the previous Bitcoin halving cycle at $1,530, which it touched in early 2018.
Caitlyn Jenner faces lawsuit from JENNER memecoin buyers
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4 minutes ago
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November 14, 2024
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A group of JENNER memecoin buyers sued Caitlyn Jenner, claiming she made “false and misleading statements” about the token, which they allege is an unregistered security.