Bitcoin Could Still See a “Wild” Weekend as BTC Price Touches the Key $22,000 Zone

Bitcoin (BTC) focused on $21,000 over the weekend amid warnings that volatility could continue to consume the market ahead of Monday.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The S&P 500 records the second best week of 2022

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair rallied broadly in its recent trading range after US stocks finished the week strong.

As market commentator Holger Zschaepitz pointed out, the S&P 500 sealed its second-best week of 2022, signaling modest relief in risk assets.

In case you missed it: The S&P 500 has gained more than 6% in the second best week of 2022 as disinflationary forces gather strength and Fed tightening expectations recede. Investors now see the key interest rate at just 3.4% at the end of 2022, down 35 basis points from the start of the week.

Bitcoin was on track to post slight gains on its weekly close, the first albeit small weekly green candle since May.

Before then, however, anything could happen, according to on-chain analysis resource Material Indicators (MI).

Referencing the recent weekend price action, MI advised Twitter followers not to be complacent in the absence of midweek volume.

“If BTC is able to break above the 200 WMA, there is room to run”, He said part of a message.

“Weekends have been wild so buckle up. A retest of the lows can come as fast as a breakout to $24,000.”

An accompanying chart of order book data from Binance, the largest global exchange, offered a glimpse into traders’ buying and selling plans. Below the spot price, there was little support on a volume basis up to $19,000, while conversely, strong resistance was found just north of $22,000.

Binance order book data chart for the BTC/USD pair. Source: Material Indicators/Twitter

That level marked the key 200-week moving average (WMA) for the BTC/USD pair, needing to be claimed by bears to change the trend, multiple sources believe.

Altcoins prepare for their first week in the green since March

Altcoins were also quiet on the day as they set for an impressive week of gains against the gloomy macro market backdrop.

Among the top ten cryptocurrencies by market cap, several tokens were around 30% higher of the previous seven days at the time of writing this article.

Among them was Ether (ETH), which rose 28% and

In a post dedicated to the order book, MI noted that the ETH/USD pair had also retested the 200-day WMA, but problems could still arise.

#ETH with a legitimate retest of the 200-day WMA on the volume of the latest Trend Precognition signal. You want to see next week’s candle with a clean open and close above it without another sweep of lows to validate. Worried, the 21 WMA will cross the 100 WMA and trigger another dump.

On the other hand, Shiba Inu (SHIB) was up 50% compared to last week, while Polygon (MATIC) stole the show with a 70% weekly gain.

MATIC/USD (Binance) 1-day candlestick chart. Source: TradingView

For Cointelegraph contributor Michaël van de Poppe, there are still reasons to enter the cryptocurrency markets now.

“From an investment point of view (all things ceteris paribus), it’s a great time to look at the altcoins you want to own”, said to his followers on Twitter.

“In 2021, everyone dreamed of buying them at such low prices. Now the possibilities are there and people are hesitant to make the decision. Typical.”

On a weekly basis, the altcoin market capitalization rose $37 billion for the week, set for its first green candle since March.

1-week candlestick chart of altcoin market capitalization. Source: TradingView

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