The crypto market recorded one of its best weekends after a very long time following a small relief bounce this week. Bitcoin rose 13.63% for the seven-day trading week beginning Sunday and was keeping up to achieve the best week since October 2021.
On Friday, BTC’s price nearly cracked $22,000 before dipping to its previous day’s perch closer to $21,500. At the time of writing this article, Bitcoin was down by 0.36% and was trading at $21,503. Ethereum dipped slightly losing 0.42% of its value but is presently sticking to $1,211. The second most popular cryptocurrency has gained 16.50% in the past seven days.
Compared to the past couple of days and weeks, the crypto market as a whole is doing better. Analysts expect the crypto market cap to reach a trillion dollars; the global crypto market cap is up 4.52% – $961.03 billion. However, mounting economic risks and the prospect of additional debt reduction are worrisome for the broader market. But then some crypto projects have been rising above present market downturns. Analysts believe the macro downtrend will continue for some time and many are optimistic about following July 7’s market movement.
Michael van de Poppe, a crypto analyst, says Bitcoin’s $22,300 mark was reached and all the highs have been taken for now. He believes some consolidation and build-up is needed before markets are ready to break above the 200-week MA. The analyst had previously stated that there is probably an insane amount of liquidity above the 200-week MA. If Bitcoin breaches this, there is no stopping for the crypto asset to reach the highs of $30,000.