Bitcoin (BTC) headed toward the upper end of its trading range on June 24 as optimism returned to traders’ forecasts.
Bitcoin price “ready for $23,000”
Data from Cointelegraph Markets Pro and TradingView tracked broadly stable BTC/USD as it touched a local high of $21,425 on Bitstamp.
The pair has moved higher since dipping below $20,000 on June 22, and US stocks also cooled over the weekend.
“Bitcoin is ready for $23,000,” Cointelegraph contributor Michaël van de Poppe announced to his Twitter followers that day.
Above the key 200-week moving average (WMA), $23,000 is a popular upside target for commentators and sellers.
As noted by trading suite Decentrader, whales on the exchange Bitfinex have set ask prices in this area, opening up the possibility for BTC/USD to “fake” above the 200WMA in the event of a squeeze.
“The 200WMA, which has supported prices in previous bear markets, is historically significant and will be of great interest to traders when prices revisit it,” Decentrader wrote in its latest market update, echoing popular sentiment.
“On Bitfinex, which we know whales especially like to dominate, there has been a lot of asking prices at the $23,000 level, just above the 200WMA level. There is no guarantee that when the price hits these requirements, these requirements will remain there or not Broken. But they are worth noting, so be aware of potential fake risk around 200WMA, which could reject price on first attempt at breakout.”
Overall, while the cryptocurrency is “not out of the woods,” the market is sending signals that “encourage bulls,” the firm added.
Traders have an Ethereum price target of $1,500
Meanwhile, altcoins stole the show on shorter time frames as the week ended.
Related: Bitcoin miner ‘capitulation event’ may have happened – study
Ether (ETH), the largest altcoin by market cap, rose nearly 10% on the day, climbing above $1,200.
Ripple (XRP) and Solana (SOL) fared even better, both posting double-digit daily gains, while the latter posted weekly returns of nearly 30%.
Among the top 50 cryptocurrencies by market cap, green oceans are everywhere, with only UNUS SED LEO (LEO) bucking the trend, down 5.8% at the time of writing.
“The market conditions here are good, as the market continues to hold its upward momentum,” Van de Poppe said in another update, adding that ETH/USD could hit $1,500 “in the next few weeks.”
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.