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Bitcoin Levels To Watch As BTC Price Weekly Ends In 9 Months At Most

by SuperiorInvest

Bitcoin (BTC) approached a key weekly close on March 19 with traders worried about a retest of lower levels.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Bitcoin bulls need to “step in” to protect $26,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD around $27,000 on Bitstamp.

After briefly knocking off $28,000 heading into the weekend, a slow decline through after-hours trading denied the bulls a push higher. This led market participants to consider the likelihood of Bitcoin returning to test support.

“I’m holding my long position when we’re above $25,500, but we ended up losing the $27,000 support, so we’re likely to go down and test around $26,100,” popular Crypto trader Tony he said Twitter followers.

“The key is for the bulls to absolutely step in at that point.

BTC/USD Commented Chart. Source: Crypto Tony/Twitter

Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was bullish on the short-term outlook even as BTC/USD fell over the weekend.

“Are we staying above $26,800? The answer is clear; yes. This means the trend will continue until $26,800 is lost. Looking for a final sweep to $28,300-$28,900 and then a reversal,” part of analysis from 18 .March established.

BTC/USD Commented Chart. Source: Michaël van de Poppe/Twitter

However, the following post of the day highlighted the importance of the nearby support just $300 below the current spot price.

“$26,800 Is Crucial for Bitcoin,” Van de Poppe in summary.

“I’ve had two tests now. If we get one more test, it’s likely to break and cause a deeper, hard correction. Holding above -> $28,500 onwards.”

Breakdown of a downtrend

On the weekly timeframes, BTC/USD was still in line for an impressive close of the candle when it last hovered around $27,000 in June 2022.

Related: Bitcoin price hits $27k to new 9-month high as Fed injects $300 billion

For trader and analyst Rekt Capital, it was another reason for optimism with Bitcoin potentially now leaving the intervening downtrend behind for good.

“When old BTC multi-month downtrend breaks… New $BTC multi-month uptrend emerges,” one of various tweets over the weekend read.

Rekt Capital highlighted the continued importance of the 200-period moving average (MA) on the weekly time frames, which currently stands at $25,350 and is poised for a resistance/support reversal.

BTC/USD 1-week candlestick chart (Bitstamp) with 200MA. Source: TradingView

The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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