Chris Berniske, former Lead Cryptocurrency Analyst at ARK Invest and well-known crypto enthusiast, shared his opinion on the current state of the market. Based on the weekly charts of Bitcoin (BTC) and Ethereum (ETH), Burniske concluded that the market, which has recovered in recent weeks after a long capitulation, is still not in a favorable state.
According to the analyst, Bitcoin just hit the 200-week moving average and the fact that it failed to break through it leaves the crypto market stagnant. crossroads: Strike with retaliation or temporary defeat.
— Chris Berniske (@cburniske) July 25, 2022
Burniske summed up his current view of the market by saying that it looks like we got a false break and we should wait for the bad hit. Whether you’re a bear or a bull, it happens to everyone, he concluded.
Markets look forward to an eventful week
In addition to the corporate disclosure season in the US, the impact of which Tesla has perfectly demonstrated, this week the markets are waiting for the FOMC meeting, which will announce the Fed’s key rate decision, as well as the current economic situation. be signaled. Then on Thursday we learn about the US labor market and unemployment, as well as GDP. It will end on Friday with a report on consumer sentiment.
It is not known if we will ever see a crypto market independent of traditional finance, but as long as the correlation is as strong as ever, we need to pay extremely close attention to such things.
Credit : u.today