Bitcoin Finally Breaks $22,000, But It Looks Like Miners Are Giving Up

Bitcoin (BTC) Make a big leap shortly before writing time. The price breaks through the critical $22,000 line. Bitcoin is now rising above its July 8 peak, which means that Bitcoin may finally climb out of the range where prices have been locked in for weeks.

Bitcoin price up 3%

The Bitcoin price made of it weekend Already a nice jump through a short squeezeHowever, it struggled to break the $21,500 and $21,600 areas. Bitcoin then corrected slightly, but when the price reached $20,800 last night, Bitcoin started to rise again.

This gain started early this morning and the bitcoin price rose to a peak of $22,300. At the time of writing, the resistance here is still quite large and Bitcoin drops to $22,200 Binance and 22,200 euros bitvavo. As a result, today’s stock price is up 3%.

Ethereum combines noise and moving averages

Looks like the hype surrounding the upcoming merger of Ethereum (ETH) The rest of the market is now attracting, too. There has been a record gap and lack of prospects in the cryptocurrency market in recent months. The merger appears to bridge that gap and bring enthusiasm back to the market.

However, whether Bitcoin actually breaks out of its current range, however, depends on where you draw the line on the chart. This line can be drawn at $22,000, where Bitcoin peaked on July 8, as well as around $22,600-$22,800. There, bitcoin was rejected when the price first dropped in this range. There is also a simple 200-week mission moving average (SMA).

# bitcoin Kindly remind. 💡🧠
Please just don’t go to FOMO.
If in doubt – minimize the graph pic.twitter.com/v5HaDspOAO

– Information Technology (IT_Tech_PL) July 18 2022

There is still a fear of Bitcoin being rejected here and then low low They will be looking for less than $18,000. If not, market sentiment could suddenly turn quickly and FOMO hits. To reverse the true trend, Bitcoin may need to break the 200-day simple moving average first, which is only around $35,000.

However, analyst Will Clemente writes that the bitcoin has been below the 200-day simple moving average less than 2% of the time. Those were always very scary moments to get into, but it was too late, it seems.

Bitcoin has been well below its 200-day moving average a few times (<2%), each of which looks terrifying to buy at the moment, but is eerily evident in hindsight. pic.twitter.com/ESZuY344iC

– Will Clemente (@WClementeIII) July 18 2022

Bitcoin and Metal Surrender

Analytics firm Glassnode reports that during the two biggest capitulation events of the year, the largest volume of BTC sold at a loss since 2011. When terra (LUNA) crashed, a whopping 538,000 BTC sold at a loss. On the June crash, it was 480,000 BTC and this put the price below high all the time from 2017

witnessed 2022 # bitcoin Markets face two massive capitulation events, both with the biggest BTC dollars The volume of transport lost since 2011.

When LUNA collapsed, the total lost transport volume was 538 thousand BTC dollars.

This was followed by 480,000 BTC dollars Where the market traded below ATH 2017. pic.twitter.com/oKjBm4JgjE

– glassnode (glassnode) July 17 2022

We recently wrote in these market updates that bitcoin miners are under great pressure due to high energy prices and exchange rate depreciation. Cryptoquant analyst Edris reports that according to Data on the series Bitcoin miners seem to be giving up now after all.

this bearish Short term signature. Gradually, the market started talking about a so-called “death spiral” regarding miners, just as it did during the crypto winter of 2018. This ultimately failed to materialize.

The miners finally gave up

Miners are under great pressure due to the recent price drop # bitcoin It made mining much less profitable, which put many miners at a loss.”
by Tweet embed

Read morehttps://t.co/xrzRhqdS8V

– CryptoQuant.com (cryptoquant_com) July 18 2022

Crypto Insiders Premium for Bitcoin Analytics

Would you like to receive more in-depth Bitcoin analytics? Then we would like to refer you to our site Discord community for members. Ask questions to analysts, chat with our fanatic community and get daily technical and fundamental analysis of Bitcoin, as well as other cryptocurrencies. During Discord Premium We can share knowledge with each other 24/7 and try to stay ahead of the market with our members.

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and advice provided on this site is based on the insights and experiences of our analysts and is for educational purposes only.