Chris Burniske, ARK Invest's former lead cryptocurrency analyst and prominent crypto enthusiast, shared his opinion on the current state of the market. Based on weekly charts of Bitcoin (BTC) and Ethereum (ETH), Burniske concluded that the market, which has rebounded in recent weeks from a prolonged capitulation, is still not in a favorable condition.
According to the analyst, Bitcoin only bumped a 200-week moving average, and the fact that it failed to break through it leaves the crypto market at a crossroads: bash through retaliation or temporary defeat.
$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
Burniske summed up his current views on the market by saying that apparently we got a fake breakout, and we should wait for a sucker punch. Whether you are a bear or a bull, it happens to everybody, he concluded.
Markets lurk ahead of an eventful week
In addition to the fact that it is corporate disclosure season in the U.S., the impact of which was perfectly demonstrated by Tesla, this week the markets await the FOMC Meeting where the Federal Reserve's key rate decision will be announced and the current economic situation will also be signaled. Then on Thursday, we will learn about the U.S. labor market and unemployment, as well as GDP. It will end on Friday with a report on consumer sentiment.
It is unknown whether we will ever see a crypto market independent of traditional finance, but as long as the correlation is as strong as ever, we have to pay extremely close attention to such things.
Arman Shirinyan
Denys Serhiichuk
Valeria Blokhina