Bitcoin (BTC<\/a>) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.<\/p>\n That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.<\/p>\n “Not expecting continuation on Bitcoin, at this point, as we’re facing 200-Week MA & range resistance,” Cointelegraph contributor Micha\u00ebl van de Poppe told<\/a> Twitter followers in his latest update.<\/p>\n Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.<\/p>\n #BTC<\/a> still remains below the 200-week MA resistance<\/p>\n Until that level breaks, it\u2019s technically premature to assume this is now a sustained relief rally$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) July 18, 2022<\/a><\/p><\/blockquote>\n Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:<\/p>\n “Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K. Good times.”<\/p><\/blockquote>\n Both Bitcoin and altcoins made the most of relief on equities markets on the day, with Asia and the United States making modest gains as the U.S. dollar retreated.<\/p>\n The S&P 500 and Nasdaq Composite Index were up 0.7% and 1%, respectively, at the time of writing, one hour after the opening bell.<\/p>\n “Prime time for Bitcoin,” on-chain analytics resource Whalemap meanwhile forecast, offering a more optimistic take based on major buyer interest below spot price.<\/p>\n Prime time for #Bitcoin<\/a> <\/p>\n Bounce from whale supports at ~$21k and we are ready to pic.twitter.com\/x8hcmcgUw0<\/a><\/p>\n \u2014 whalemap (@whale_map) July 18, 2022<\/a><\/p><\/blockquote>\n Data from fellow monitoring resource Material Indicators showed similar support building on the Binance order book.<\/p>\n On altcoins, the show was still being stolen by Ether (ETH<\/a>), which lingered near $1,500 after sealing its highest levels in over a month, with huge gains against BTC<\/a> included.<\/p>\n Related:\u00a0BTC miners \u2018finally capitulating\u2019 \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Beating even Bitcoin’s progress, ETH\/USD was the darling of traders on the day, firmly upending the previously dire price action in place from May onwards at the start of the Terra (LUNA) \u2014 now called Terra Classic (LUNC) \u2014 debacle.<\/p>\n This is the first time, in 110 Days, that #Ethereum<\/a> has broken into a bullish trend, printing Higher Lows & Higher High.<\/p>\n Bears in disbelief.#cryptocurrency<\/a> pic.twitter.com\/MA2KAYzyWu<\/a><\/p>\n \u2014 wolf (@ImNotTheWolf) July 17, 2022<\/a><\/p><\/blockquote>\n Upcoming resistance lay in the form of Ethereum’s all-time high from the previous Bitcoin halving cycle<\/a> at $1,530, which it touched in early 2018<\/a>.<\/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\/2022-07\/25923c21-7f33-455b-81ef-e7dea479e464.png\")
Can Bitcoin win back bear market support?<\/h2>\n
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Ethereum preserves performance<\/h2>\n
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