Bitcoin lurks by $22K as US dollar falls from peak, Ethereum gains 20%
Bitcoin (BTC) hugged $22,000 on July 19 as macro conditions slowly turned to favor risk assets.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling volatility immediately below the crucial 200-week moving average (WMA).
The Wall Street open saw further gains for United States equities in the face of a declining U.S. dollar, which extended its retracement after hitting its latest two-decade peak.
The U.S. dollar index (DXY) stood at around 106.5 at the time of writing, down 2.6% from the high seen July 14.
For Bitcoin analysts, it was thus a case of wait and see as markets bided their time between buy and sell levels.
$BTC / $USD - Update These are the options on #Bitcoin right .. If we can sustain above the $21,700 range high and gain momentum, we can pump for the wave 3 ..However, if we die down i am looking for another corrective wave down .. pic.twitter.com/cLGVGdTivK
"Shared this chart before, but just like that the $DXY is tanking, resulting into risk-on assets showing some momentum," Cointelegraph contributor Michaël van de Poppe tweeted in an update on the day alongside a DXY chart.
On-chain monitoring resource Material Indicators, meanwhile, flagged the difference in strength between "psychological" levels such as $21,000 and $22,000 and the 200 WMA closer to $23,000.
"IMO, resistance at $21k and $22k are psychological, whereas the 200 WMA serves as legit technical resistance. FireCharts shows more BTC bid liquidity coming in to support an R/S flip at $21k," it told Twitter followers on the day publishing data from the Binance order book.
Deja vu for altcoin traders, meanwhile, came in the form of outperformance from Ether (ETH) versus other major cryptocurrencies' intraday gains.
Related: 100X
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