Bitcoin (BTC) focused on the $ 21,000 over the weekend as it was warned that volatility could cover the market before Monday.
BTC / USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView
The S&P 500 is the second best week of 2022
Cointelegraph Markets Pro and TradingView data showed that BTC / USD was generally higher in its recent trading range after US stocks ended the week strongly.
As noted by market commentators Holger Zschaepitz, the S&P 500 achieved its second best performance in 2022, showing moderate easing for risky assets.
Bitcoin was on its way to a weekly closing, the first weekly green candle – albeit a small one – from May to rise slightly.
Before that, however, everything can happen according to the material indicators (MI) of the in-chain analysis resource.
Referring to a recent weekend price campaign, MI advised Twitter followers not to be satisfied with the lack of weekdays.
“If the BTC can take out 200 WMAs, there’s room to run,” one post said.
“Wknds has been wild, so shut up. Retesting the lowest levels could come as fast as a $ 24,000 tear.”
The attached table in the order book of the largest global stock exchange, Binance, provided an overview of traders’ buying and selling plans. Below the current price, there was little volume support up to $ 19,000, while strong resistance was north of $ 22,000.
Binance BTC / USD order book data chart. Sources: Material Indicators / Twitter
This level represented the BTC / USD 200-week moving average (WMA) needed for bears to reclaim the trend, according to various sources.
Altcoins are set for the first green week from March
Altcoins were still calm that day, while looking at an impressive week of growth in the context of a gloomy macro market.
Related: Ethereum price publishes “bad news is good news” for shares.
According to market capital, among the top ten cryptocurrencies, several marks were about 30% higher than when the article was written seven days ago.
Among them was ether (ETH), which rose 28% to around $ 1,200.
MI noted in a special order book post that ETH / USD also performed a 200WMA retest, but problems can still be expected.
Elsewhere, Shiba Inu (SHIB) rose 50% from the previous week, while Polygon (MATIC) rose 70% from its weekly profit.
MATIC / USD 1-day candle card (Binance). Source: TradingView
There was still reason to enter the cryptographic markets for Cointelegraph’s assistant Michaël van de Poppe.
“Based on the investment work (all things ceteris paribus), it’s a great time to look for the altcoine you want to own,” he told Twitter followers.
“In 2021, everyone dreamed of buying them at a low price. Now there are opportunities and people do not dare to make a decision. Typical.”
On a weekly basis, the altcoin market peaked at $ 37 billion a week, the first green candle since March.
Altcoin Market Capital 1-Week Candlestick Chart. Source: TradingView
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should consider it yourself when making a decision.