The price of Bitcoin (BTC) soared above $ 22,000 amid a market recovery. The BTC price has soared above the trading level of $ 22,300 which is the 200 Week moving average (WMA) level. Crypto analysts believe Bitcoin could gain bullish momentum if it passes $ 22,800.
The price of Bitcoin (BTC) jumped more than 5% today to break above the psychological level of $ 22,000. At the time of writing, BTC is trading at the $ 22,196 trading level.
According to PlanB crypto analysts, the BTC price could rise above the $ 30k level by September if the price remains above the $ 22.3k level, 200WMA and until the end of July. On the other hand, another crypto analyst, Rekt Capital believes Bitcoin needs to cross the $ 22,800 level to confirm the upward momentum. In a recent tweet on July 18, he claimed that the price could fall below the 22,000 level for a healthy upward price movement. A retest at the $ 21,800 level can be expected.
Moreover, crypto expert Michaël van de Poppe thinks the price of Bitcoin (BTC) is facing 200-WMA resistance and barrier levels. He recommended an advance accumulation that would trigger a jump above $ 22,600 and eventually lead to massive buying to the $ 28k level.
Institutional investors are also seen taking part in this upward momentum. According to the CFTC’s latest weekly report on CME Bitcoin futures from July 6 to July 12, total interest increased from 13,258 to 13,505.
