Bitcoin Drills Into $22,000 Level – But Not All BTC Investors Are Jubilating

Christian Encila

Last Updated: July 8, 2022 8:20 am

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin (BTC) is now showing signs of vigor, after weeks of being smothered in crimson, and drilling past the $21,000 level, to the delight of some crypto investors.

As of this writing, the most sought after crypto asset is trading at $22,200, up 13% in the last seven days, data from Coingecko show, Friday.

BTC reclaimed the $20,000 threshold on Wednesday, seven days after going below it. The cryptocurrency is trading at less than 70 percent of its all-time high near $69,000, but is currently far above its mid-June selloff low of $18,000.

Friday, the market capitalization of all cryptocurrencies increased by about 2 percent over the previous day. On the same day, the global crypto market was valued at $919 billion.

Bitcoin Green Day – On To The Next Support

The volume of the cryptocurrency market, on the other hand, decreased by more than 18 percent over the past 24 hours, according to statistics from Coingecko. Friday’s crypto market volume was estimated at $55.25 billion.

According to Harris Financial Group Managing Partner Jamie Cox, the “Green Day” on the markets comes in the wake of rising unemployment claims in the U.S., which could indicate that the “pressure on wages may have now peaked.”

After a transition above the $20,500 level, the price of BTC began a steady ascent and tested the $22,200 mark, where it encountered selling interest and proceeded to $22,100.

The next significant support is close to the $21,500 territory, below which the price may fall to the $21,200 level. The next significant resistance level is near $22,500; over this level, the price might climb to $23,000.

BTC total market cap at $415 billion on the daily chart | Source: TradingView.com

Some Analysts Are Not Ecstatic By BTC Rally

Some observers maintain that the crypto’s trajectory remains negative. “Roman” on Twitter said, “Many are growing exuberant and bullish as we have repeated identical candle patterns over the past eight months.”

According to him, BTC’s break of the $22K barrier is the latest in a string of “fakeouts” that will mislead many traders into assuming the bottom has been reached, despite the fact that the trend remains unfavorable.

Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

“Since the last four days, BTC has been on a small uptick… The sentiment on the crypto market continues to be “extreme fear,” and the daily trend for BTC remains within a downward band shape,” analysts at the WazirX said.

Others are less confident. Will Clemente, crypto analyst for the mining company Blockware, cited the 200-week moving average (WMA) of $22,520 as a significant statistic. “The price decline could continue if BTC price remains below this level,” he stated.

Featured image from Finshots, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.