Bitcoin rebounds strongly off the weekly close, but for BTC miners, it may be a case of “too little too late.” Will we see Bitcoin at $23K this week?
) starts a new week nearing key resistance as the shock of the latest United States inflation data passes — can the strength continue?
Last week was a testing time for crypto hodlers everywhere, with inflation dictating the mood across risk assets and the U.S. dollar capping the gloomy atmosphere. With those pressures now easing — at least temporarily — the mood has room to relax., and capitulation across the market feels close. The latest weekly close is something of a disappointment in and of itself, with Bitcoin erasing gains at the last minute to print a “red” candle for the past seven days.
It all leads up to a familiar challenge on intraday timeframes — BTC/USD is approaching both $22,000 and a key trendline at $22,600 in the form of the 200-week moving average ., the 200 WMA has, in fact, flipped to resistance this time around, having been lost in mid-June and never reclaimed.
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