LAST WEEK IN CRYPTO

➤ BTC Bears Struggle to Hold On
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BTC Bears Struggle to Hold On, Key Monthly Close Looms

BTC | BITCOIN $23407.00 +1.15% 

Macroeconomic data suggests continued rate hikes, leading to profit booking in the equities and crypto markets last week. BTC wasn't affected much; the bears tried pushing the Bitcoin price below the 20-day EMA, but they couldn't sustain the drop, and BTC climbed above the crucial $23,000 before the weekly close.

The bulls are trying to maintain the price above the 20-day EMA which is flattening. A monthly close above that level could see Bitcoin oscillate between $23,500 and $25,200.

However, a monthly close below $22,800 could trigger a period of selling, pushing BTC down to strong support at $21,500. On the upside, $25,000 remains a major resistance, and capturing that level could see Bitcoin rally to as high as $30,000 in a couple of months.