The bulls are attempting to achieve a strong weekly close for Bitcoin 

BTC

$17,208

, while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average, which is at $22,705, and BTC’s current setup suggests that a decisive move is imminent. 

Many analysts expect a weekly close above the 200-week moving average (MA) to attract further buying, but a break below it could signal that bears are back in the game. Although the short-term picture looks uncertain, analyst Caleb Franzen said that Bitcoin has been in an accumulation zone since May.

Meanwhile, on-chain analytics firm CryptoQuant highlighted increasing outflows of Ether 

ETH

$1,310

 from major exchanges, totaling $1.87 million coins on July 22. Usually, outflows from crypto exchanges suggest that traders are bullish for the long-term, hence they may be moving their coins to stronger crypto wallets for safety.

Could Bitcoin resume its recovery, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that look strong on the charts.