Chris Burniske, former crypto analyst at ARK Invest, evaluated the state of the cryptocurrency market.
While evaluating the Bitcoin (BTC) and Ethereum (ETH) charts, the analyst stated that although there has been a recovery in recent weeks, the crypto money market is still not in a favorable condition.
Chris Burniske found the following in his post on Twitter:
Bitcoin close was again below the 200-day moving average. We will see if there will be a decrease due to this this week.
$BTC bumped its head on the 200W for closing, let’s see if we get a bash through retaliation or temporary defeat this week https://t.co/3RStXh9IJo
— Chris Burniske (@cburniske) July 25, 2022
According to the analyst, the failure of Bitcoin to exceed the 200-week MA is not very positive for the cryptocurrency market. As long as there is a close below the weekly MA200, which corresponds to $22,780, it is not possible to talk about a bullish market at the moment.
The fact that the FED’s interest rate decision will be announced on Wednesday may cause us to see a fluctuating price during the week.
Experts, who stated that especially leveraged transactions should be avoided during this week, stated that it should be closely monitored whether the weekly MA200 will be passed at the weekend.