{"id":474680,"date":"2022-07-16T17:45:35","date_gmt":"2022-07-16T14:45:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k\/"},"modified":"2022-07-16T17:45:35","modified_gmt":"2022-07-16T14:45:35","slug":"bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k\/","title":{"rendered":"# Bitcoin ready to attack key trendline, says data as BTC price holds $20K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a9a8cb8a9b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a9a8cb8a9b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k\/#%E2%80%9D_Bitcoin_ready_to_attack_key_trendline_says_data_as_BTC_price_holds_20K_%E2%80%9C\" >&#8221; Bitcoin ready to attack key trendline, says data as BTC price holds $20K &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k\/#Can_Bitcoin_bulls_reclaim_the_200-week_moving_average\" >Can Bitcoin bulls reclaim the 200-week moving average?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k\/#Miners_feel_the_pinch\" >Miners feel the pinch<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_ready_to_attack_key_trendline_says_data_as_BTC_price_holds_20K_%E2%80%9C\"><\/span>&#8221; Bitcoin ready to attack key trendline, says data as BTC price holds $20K &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Bitcoin (BTC) consolidated higher on July 16 after the Wall Street trading week finished with modest gains for United States equities.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/a5e8ec92-adbc-4738-b13d-060ccb56ec44.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Can_Bitcoin_bulls_reclaim_the_200-week_moving_average\"><\/span>Can Bitcoin bulls reclaim the 200-week moving average?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD ranging between $20,500 and $21,000 into the weekend.<\/p>\n<p>The pair thus preserved the majority of its comeback from the week&#8217;s lows, these following shock U.S. inflation data and sparking weakness across risk assets.<\/p>\n<p>Now, out-of-hours trading meant that the classic scenario of breakouts and fakeouts on thin liquidity could accompany Bitcoin into the weekly close.<\/p>\n<p>Eyeing order book data from Binance, the largest global exchange by volume, showed key resistance clustered around the $22,000 mark should bulls attempt to nudge the market higher.<\/p>\n<p>For monitoring resource Material Indicators, however, there was a distinct possibility that Bitcoin could even challenge its 200-week moving average (WMA), a key bear market trendline lost as support over a month ago.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> is looking for another retest of the 200 WMA, currently ~$22.6k. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/FireCharts?src=hash&amp;ref_src=twsrc%5Etfw\">#FireCharts<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/rRvbI8cPl2\">pic.twitter.com\/rRvbI8cPl2<\/a><\/p>\n<p>\u2014 Material Indicators (@MI_Algos) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1547943428935168001?ref_src=twsrc%5Etfw\">July 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;It&#8217;s easy to become bullish on BTC on a green day &amp; bearish on a red day,&#8221; popular trader and analyst Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1547966818886635520\">added<\/a> in separate comments. <\/p>\n<blockquote><p>&#8220;But $BTC is still just ranging between $19K-$22K. This will continue until either of these levels is broken Intra-range moves aren&#8217;t substantial enough to dictate changes in sentiment.&#8221;<\/p><\/blockquote>\n<p>As Cointelegraph reported, that sentiment achieved an unenviable record this week, as crypto markets c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed their longest-ever period in a state of &#8220;extreme fear&#8221; as per the Crypto Fear &amp; Greed Index.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Miners_feel_the_pinch\"><\/span>Miners feel the pinch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Monitoring miner behavior, meanwhile, one analyst at on-chain analytics platform CryptoQuant sounded the alarm over a potential sell-off.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin miners sell their hodlings, and ASIC prices keep dropping \u2014 What\u2019s next for the industry?<\/em><\/strong><\/p>\n<p>14,000 BTC was transferred from miner wallets on July 15, Binh Dang showed, and while not specifically indicative of selling, the phenomenon was worth tracking.<\/p>\n<p>&#8220;At this point, we can not be sure that this distribution is positive or negative, so we should be careful to watch out for the next few days,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/62d28e96fd57d20d3257110f-Be-careful-with-Miners-movement\">summarized<\/a> in one of CryptoQuant&#8217;s Quicktake market updates.<\/p>\n<p>Separately, a new indicator, the Energy Gravity Model, covering Bitcoin production costs showed that miners were likely able to pay comparatively low amounts for energy in order to mine at a profit at current BTC spot prices.<\/p>\n<p>&#8220;Bitcoin Energy Gravity is the maximum USD price ($ \/ kWh) modern mining rigs are willing to buy electricity at to make a profit. ie: breakeven electricity rate,&#8221; the model&#8217;s creator, BlockWare analyst Joe Burnett, explained in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IIICapital\/status\/1547953224555999233\">Twitter thread<\/a>.<\/p>\n<blockquote><p>&#8220;From this maximum bid price, it is possible to get a better understanding of when the price of Bitcoin is overextended and when the price may be approaching a bottom.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IIICapital\/status\/1547953239986909186\/photo\/1\"><\/a><\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/989eed4f-6745-4d0f-8f13-126e67157875.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Energy Gravity Model. Source: Joe Burnett\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-ready-to-attack-key-trendline-says-data-as-btc-price-holds-20k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin ready to attack key trendline, says data as BTC price holds $20K &#8220; Bitcoin (BTC) consolidated higher on July 16 after the Wall Street trading week finished with modest gains for United States equities. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Can Bitcoin bulls reclaim the 200-week moving average? Data from Cointelegraph Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":474681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvN2ZlMzllZDctOTc1Yi00YzA0LWExZTctNzNjMTM0MzQwYTA5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,73785],"class_list":["post-474680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/474680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=474680"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/474680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/474681"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=474680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=474680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=474680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}