Bitcoin (BTC<\/a>) headed toward the upper end of its trading range on June 24 as optimism crept back into traders\u2019 forecasts.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> tracked a broadly stable BTC\/USD as it hit local highs of $21,425 on Bitstamp.<\/p>\n The pair had shifted higher since wicking below the $20,000 on June 22, with United States equities similarly cool<\/a> going into the weekend.<\/p>\n \u201cBitcoin ready for $23,000,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe announced<\/a> to Twitter followers on the day.<\/p>\n At just above the crucial 200-week moving average (WMA), $23,000 formed a popular upside target for commentators \u2014 and sellers.<\/p>\n As noted by trading suite Decentrader, whales on exchange Bitfinex had set asks in that area, providing the potential for BTC\/USD to \u201cfakeout\u201d above the 200WMA in the event of a squeeze.<\/p>\n \u201cThe 200WMA has great historical significance having held up price in previous bear markets, and will be of major interest to traders when price revisits it,\u201d Decentrader wrote<\/a> in its latest market update, echoing popular sentiment<\/a>.<\/p>\n \u201cOver at Bitfinex where we know the whales particularly like to dominate, there is a significant wall of asks at $23,000 just above the 200WMA level. There is no guarantee that those asks will stay there or cannot be broken when price reaches them. But it is worth noting them and therefore being aware of a potential fakeout risk around the 200WMA that may reject price on its first attempt to break through.\u201d<\/p><\/blockquote>\n The firm added that overall, while crypto was \u201cnot out of the woods,\u201d the market was giving signals that were \u201cencouraging for the bulls.\u201d<\/p>\n Altcoins meanwhile stole the show on low timeframes as the week came to a close.<\/p>\n Related: <\/em><\/strong>Bitcoin miner \u2018capitulation event\u2019 may have already happened \u2014 Research<\/em><\/strong><\/a><\/p>\n Ether (ETH<\/a>), the largest altcoin by market cap, gained almost 10% on the day to climb above $1,200.<\/p>\n Ripple (XRP<\/a>) and Solana (SOL<\/a>) performed even better, both with daily gains in double figures<\/a> and the latter knocking on weekly returns of nearly 30%<\/a>.<\/p>\n The sea of green was omnipresent among the top fifty cryptocurrencies by market cap, with only UNUS SED LEO (LEO<\/a>) bucking the trend, trading down 5.8% at the time of writing.<\/p>\n \u201cGreat market environment here, as markets are continuing the upwards momentum,\u201d Van de Poppe said<\/a> in a separate update, adding that ETH\/USD could hit $1,500 \u201cduring the coming weeks.\u201d<\/p>\n 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, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/2e0c93ab-eff4-405a-9730-8b619b30ed47.png\")
Bitcoin price “ready for $23,000”<\/h2>\n
Trader targets $1,500 for Ethereum<\/h2>\n
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