Bitcoin is back in charge, will it defy the $22,000 resistance again?

After a few days below $20,000, it appears that Bitcoin (BTC) is charging again in the midst of a bear market. Now, the cryptocurrency has broken above $21,000 again and it looks like it is preparing for another attempt to break through the resistance and break above the $22,000 mark.

At the time of writing this article, BTC is trading around $21,200. However, earlier this Sunday and during Saturday 16 July, the cryptocurrency reached over $21,500 USD.

The last time this happened was on July 10, before BTC lost support at $20,000 again, all according to the charts available at TradingView.

A few days ago, Cryptocurrency market cap is close to the 200-week moving average of $22,450A brand that analysts agree is one of the keys to the market’s recovery.

Currently, This mark is over $22,600 and this is the line everyone expects to see BTC break. Already at this point, BTC has been below this level for more than a month, which serves as a strong support from which its price does not usually fall. And while it’s not the first time such days have passed, the delay in the recovery worries investors and analysts alike.

This could be a trap, analysts warn

specially, There are analysts who point out that this recent price movement is nothing more than what is commonly known as a “bull trap” or bull trap. That is, the movement in which bullish traders get swept up by the sudden rally and end up losing in a new correction.

Others simply detract from the bullish moves that occur over the weekend and They recommend waiting for the weekly candle to close To get a clearer picture of what the market can do from now on. We recently reported on CriptoNoticias that the downtrend appeared to be abating as investors withdrew their bitcoins from exchanges.

Despite this, there are cases of analysts like VisualCripto on Twitter, who warning In the “warning zone” long before surrender from investors.

And not just in terms of Bitcoin, Ether (ETH) is also included in this behaviour. Interestingly, the original cryptocurrency of the Ethereum network rose about 16% In the last 7 days.