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Crypto traders found cause for celebration on July 18 as the total market capitalization climbed back above the $1 trillion mark following weeks of widespread selling after Bitcoin (BTC) price swept yearly lows below $18,000.

The green day for cryptocurrencies largely tracks a positive day in the traditional markets, which are up modestly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27.

While traders will welcome July 18's positive price action, many analysts caution that the upswing is nothing more than a bear market pump. Let's take a look at the current top performers.

Bitcoin holds a 16% gain

Data from Cointelegraph Markets Pro and TradingView shows that over the past week, Bitcoin has rallied significantly and at the time of writing BTC holds a 16% weekly gain from its recent low at $18,907.

The top cryptocurrency now finds itself running square into the resistance found at its 200-week moving average, which also happens to be the upper bound of the trading range BTC has been trapped in since the middle of June.

Crypto traders found cause for celebration on July 18 as the total market capitalization climbed back above the $1 trillion mark following weeks of widespread selling after Bitcoin (BTC) price swept yearly lows below $18,000.

The green day for cryptocurrencies largely tracks a positive day in the traditional markets, which are up modestly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27.

While traders will welcome July 18's positive price action, many analysts caution that the upswing is nothing more than a bear market pump. Let's take a look at the current top performers.

Bitcoin holds a 16% gain

Data from Cointelegraph Markets Pro and TradingView shows that over the past week, Bitcoin has rallied significantly and at the time of writing BTC holds a 16% weekly gain from its recent low at $18,907.

The top cryptocurrency now finds itself running square into the resistance found at its 200-week moving average, which also happens to be the upper bound of the trading range BTC has been trapped in since the middle of June.

Bitcoin (BTC) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go.

Can Bitcoin win back bear market support?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.

That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.

"Not expecting continuation on Bitcoin, at this point, as we're facing 200-Week MA & range resistance," Cointelegraph contributor Michaël van de Poppe told Twitter followers in his latest update.

Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.

Bitcoin (BTC) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go.

Can Bitcoin win back bear market support?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp.

That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area which commentators argued would be hard to crack.

"Not expecting continuation on Bitcoin, at this point, as we're facing 200-Week MA & range resistance," Cointelegraph contributor Michaël van de Poppe told Twitter followers in his latest update.

Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately.