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Despite avoiding the crucial $22K zone, Bitcoin may still experience a "wild" weekend.

27-Jun-2022 By: Simran Mishra
Despite avoiding the

Despite avoiding the crucial $22K zone, Bitcoin may still experience a "wild" weekend.

Analysis warns that as altcoins maintain multi-week record gains, bitcoin bulls still have a fight on their hands in low volume weekend trading.

Despite indications that market instability would likely prevail until Monday, Bitcoin (BTC) kept its eye on $21,000 during the weekend.

Second-best week of 2022 for the SandP 500

After U.S. stocks started the week strongly, data from CoinGabbar showed that BTC/USD was widely higher in its current trading range.

The SandP 500 ended its second best week of 2022, as highlighted by market expert Holger Zschaepitz, indicating slight relief across risk assets. The first weekly green candle, albeit a modest one, since May, Bitcoin was on course to record moderate gains at its weekly closure. But before that, the on-chain analytics resource Material Indicators warns that anything could happen (MI).

MI cautioned Twitter followers not to become complacent in the absence of weekday traffic, citing recent weekend price action.

largest exchange on the planet Binance gave users a look at traders' buying and selling tactics. Volume-wise, there wasn't much support below spot price until $19,000, but right above $22,000, there was significant resistance. According to a number of analysts, that price represented the important 200-week moving average (WMA) for BTC/USD, which bears need to regain in order to reverse the trend.

For the first time since March, altcoins are expected to post positive weekly returns. Despite the grim macroeconomic environment, altcoins were quiet on the day. At the time of writing, numerous tokens in the top ten cryptocurrencies by market cap were trading at a gain of almost 30% over the preceding seven days.

Ether (ETH), up 28% and holding steady at $1,200, was one of them. The 200WMA had also been retested by ETH/USD, MI reported in a post devoted to the order book, but disaster could still be in store. Shiba Inu (SHIB) was up 50% from the previous week, but Polygon (MATIC) stole the show with weekly gains of 70%.

The altcoin market cap increased $37 billion over the course of the week, positioning it for its first green candle since March.

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