After running back and forth in the $22,000 – $23,000 range, Bitcoin has stalled at $23,035 having gained 1% in the last 24 hours. This has traders and investors looking at the BTC price more closely to predict its future behavior. The popular cryptocurrency has reached five weekly closes below the 200-week moving average (MA). Analysts say that historically this is the longest period that Bitcoin has spent under the 200-week MA.
If Bitcoin manages an upward trend, breaching resistances, it can easily touch the crucial $29,400 mark in no time. Currently, it remains stubbornly close to its 50-day exponential moving average (EMA). It has yet to surpass that level. Ethereum has gained 4.72% in the last 24 hours and is changing hands at $1,560. In the last seven days, it gained 30.62% of its price, while Bitcoin has gained only 12%. Ethereum remains above the 50-day EMA. However, it remains below the average Ether investor’s purchase price.
The altcoins recorded significant gains in the last 24 hours. Polygon MATIC is the biggest gainer. It’s up by 12.17%. Avalanche gained 8%, Solana 5.76%, Cardano 2.92%, and Polkadot is up by 2.84%. Overall, the broader crypto market has given a mixed reaction. Looking at the traditional equity markets, the S&P 500 and Nasdaq were up 0.4% and 0.8%, respectively. Experts pointed out that macro events had added to Bitcoin’s woes in the form of fresh US dollar strength. This was followed by a surprise rate hike from the European Central Bank to tackle inflation.