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Bitcoin Erases Weekly Loss, Eyes Resistance at $22.6K
Bitcoin has reached breakeven for the week, invalidating a major bearish technical setup.
Updated May 11, 2023, 4:37 p.m. Published Jul 15, 2022, 1:04 p.m.
Bitcoin continues to gain ground, reaching a breakeven for the week. The move has put critical technical resistance in the cross hairs.
- The leading cryptocurrency briefly topped the $21,000 mark, extending the recovery from the late Wednesday low of $18,892. At that price, the cryptocurrency was down nearly 9% on the week, according to chart provided by TradingView.
- With the price bounce, the bear flag breakdown, a bearish continuation pattern confirmed on the daily chart earlier this week, has failed.
- Failed bear flags or bearish patterns imply seller fatigue and often portend a bullish reversal. Several blockchain and technical indicators are signaling a bottom.
- The relative strength index on the four-hour chart has crossed into bullish territory above 50 in support of a continued move higher.
- The focus is now on the resistance level of $22,600, which is the moving average of 200 weekly charts. After that, the next major hurdle would be at $25,338, the low reached on Coinbase on May 12.
- The outlook will flip bearish if Wednesday's low of $18,892 is breached.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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