- Bitcoin price continues to gather bullish momentum as its recovery eyes a retest of $23,500.
- Ethereum price grapples with the 200-week SMA as bulls look to revisit $1,730.
- Ripple price faces immense hurdles, unlike other altcoins that have experienced highly volatile recoveries.
Bitcoin price has shown incredible resilience after its massive crash in the second week of June. Since then BTC has produced considerable gains over the past week and the start of a new week brings the promise of even higher returns.
Bitcoin price bounces back
Bitcoin price bounced off the $19,252 support level and has recovered 21% from its recently formed swing low at $17,605. If this impressive bounce continues, BTC will face the 200-week Simple Moving Average (SMA) at $22,517.
This hurdle is crucial and will determine the directional bias for the upcoming weeks or months. A successful flip of this hurdle into a support floor will allow Bitcoin price to rally and retest the $23,480 barrier.
The upside for the big crypto is likely to be capped around this level, at least until it is overcome. In a highly bullish case, however, BTC could extend higher and tag the inefficiency formed on the weekly chart at $29,300.
BTC/USD 1-week chart
While things are looking up for Bitcoin price, rejection at the 200-week SMA will indicate buying weakness. In such a case, if BTC produces a weekly candlestick close below $19,252, it will invalidate the bullish thesis and trigger a 19% crash to 15,551.