BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Analysis cautions that Bitcoin bulls still face challenges in low-volume weekend trading while altcoins maintain multi-week record gains.
Despite warnings that market volatility might still prevail until Monday, Bitcoin (BTC) kept its eye on $21,000 through the weekend.
The second-best week of 2022 for the S&P 500
After U.S. stocks ended the week strongly, data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was broadly higher in its recent trading range.
The S&P 500 ended its second best week of 2022, as noted by market commentator Holger Zschaepitz, indicating modest relief across risk assets.
"In case you missed it: S&P 500 has gained >6% in 2nd-best week of 2022 as disinflationary forces gather steam & #Fed tightening expectations recede. Investors now see the key interest rate at only 3.4% at the end of 2022, a full 35bps lower than at the start of the week."
From @Schuldensuehner Twitter
The first weekly green candle, albeit a small one, since May, Bitcoin was on track to record slight gains at its weekly close.
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 volume, citing recent weekend price action.
Part of one post stated, "If BTC can take out the 200 WMA there is room to run."
a chart of order book data from the largest global exchange is attached. Binance provided a peek into traders' buy and sell strategies. Volume-wise, there wasn't much support below spot price until $19,000; on the other hand, strong resistance was located just north of $22,000.
Binance BTC/USD order book data chart. Source: Material Indicators/ Twitter
According to a number of sources, that price marked the important 200-week moving average (WMA) for BTC/USD, which bears need to reclaim in order to reverse the trend.