Originally published on: July 08, 2022
Bitcoin is poised to achieve its largest weekly gains since March, with the price of BTC reaching over $2,000 this week, a nearly 12% increase. The cryptocurrency surged to highs of $22,401 on Bitstamp, showing signs of a potential trend reversal.
Reaching this significant milestone is a remarkable feat for Bitcoin, as it surpassed the crucial 200-week moving average, which had been acting as a strong resistance level. Analysts suggest that breaking through this level could lead to further gains, with some predicting a rally to $30,000.
While some remain cautious about the sustainability of this rally, others are optimistic about the future of Bitcoin. Despite renewed strength in the U.S. dollar index, Bitcoin continues to climb, defying expectations and surprising traders.
The recent surge in Bitcoin price has divided opinion among experts, with some anticipating a pullback to lower levels before a significant recovery. However, the overall sentiment in the market seems to be shifting, as evidenced by the increase in the Crypto Fear & Greed Index, which hit its highest level since May.
As Bitcoin continues its upward trajectory, investors and traders are advised to conduct their own research and assess the risks involved in this volatile market. Stay informed with the latest insights and analysis by subscribing to the Markets Outlook newsletter for expert guidance on investment opportunities and trading strategies.
