Bitcoin gives ‘encouraging signs’ — watch these BTC price levels next

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Bitcoin (BTC) moved towards the upper end of its trading range on June 24 as optimism returned to traders’ forecasts.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin Price “Ready for $23,000”

Data from Cointelegraph Markets Pro and TradingView tracked a broadly stable BTC/USD pair as it reached a local high of $21,425 on Bitstamp.

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The pair moved higher since the break below $ 20,000 on June 22, the shares of the United States were similarly doing well over the weekend.

“Bitcoin is ready for $23,000,” Cointelegraph contributor Michael van de Pope announced For Twitter followers on the day.

Just above the crucial 200-week moving average (WMA), $23,000 formed a popular upside target for commentators – and sellers.

As reported by Trading Suite Decenttrader, whales on Bitfinex were questioning the area, giving BTC/USD the ability to “fake” above the 200WMA in the event of a squeeze.

“The 200WMA has historical significance as the price drop in previous bear markets, and will be of major interest to traders when the price returns,” Decentrader wrote in its latest market update, echoing popular sentiment.

“At Bitfinex where we know whales particularly like to dominate, there is a significant wall above the 200WMA level at $23,000. There is no guarantee that the demand will stay there or that the price will break them once they reach it. But it is worth paying attention to them and therefore be aware of the potential counterfeit risk around 200WMA which could reject the price in its first attempt to break.

The firm said that overall, while crypto was “not out of the woods”, the market was showing signs that were “encouraging for the bulls”.

Trader’s target $1,500 for Ethereum

Meanwhile, as the week ended, Altcoins stole the show on the shorter time frame.

related: Bitcoin Miner ‘Capitulation Event’ Has Already Happened – Research

Ether (ETH), the largest altcoin by market capitalization, climbed nearly 10% that day to climb above $1,200.

XRP and Solana (SOL) performed even better, with both daily gains in double digits and the latter knocking out weekly returns of around 30%.

SOL/USD 1-hour candle chart (Binance). Source: TradingView

The sea of ​​green was ubiquitous among the top fifty cryptocurrencies by market capitalization, with only UNUS SED LEO (LEO) leading the trend, trading down 5.8% at the time of writing.

“Great market environment is here, as markets continue to move upwards,” Van de Pope Told In a separate update, he said that ETH/USD could hit $1,500 “in the coming weeks”.

ETH/USD 1-hour candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.