Price analysis 7/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

189
SHARES
1.5k
VIEWS

Bitcoin (BTC) rose to the 200-week moving average on July 8, a level that could act as a battleground between bulls and bears. Many analysts are watching this level as a break and a close above it could be the first sign that the bear market may be over.

Mike McGlone, senior commodity strategist at Bloomberg, said that bitcoin’s 50-week and 100-week moving averages are showing similar signs as they were before the 2018 bear lows. Therefore, McGlone expects bitcoin to make a strong rally in the second half of 2022.

Daily cryptocurrency market performance. Source: Coin360

Another positive sign is that bitcoin climbed above $22,000 on July 8, even as the United States Dollar Index (DXY) continued its northward march. This suggests that the strong inverse correlation between Bitcoin and DXY may be starting to weaken.

Can Bitcoin increase its recovery by pulling the crypto markets up? Let’s study the chart of the top-10 cryptocurrencies to find out.