Bitcoin (BTC) approached a key weekly close on March 19 as traders worried about a retest of lower levels.
Bitcoin bulls need to ‘step in’ to protect $26,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $27,000 on Bitstamp.
After briefly drawing $28,000 over the weekend, a slow descent through after-hours trading kept the bulls from tightening. This led market participants to weigh the likelihood of Bitcoin returning to testing support.
“I am holding my long position as we are above $25,500 but eventually lost $27,000 of support so we are likely to head down and test around $26,100,” the popular Crypto trader said. Tony. said Twitter followers.
“The key is that the bulls absolutely step in then.”
Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was bullish on the short-term outlook, even though BTC/USD fell over the weekend.
“Are we staying above $26,800? The answer is clear; Yes. This means that the trend will continue to last until $26,800 is lost. Looking for a final sweep at $28,300-28,900 and then a reversal,” part of the March 18 analysis declared.
A later post from the day nonetheless highlighted the importance of nearby support at just $300 below the current spot price.
“$26,800 is crucial for Bitcoin”, Van de Poppe summary.
“I’ve had two tests now. If we get one more test, it will likely break and cause a deeper, harder correction. Hold above -> $28,500 next. “
On weekly timeframes, BTC/USD was still in line for an impressive candle close, having last acted around $27,000 in June 2022.
Related: Bitcoin price hits $27,000 in new 9-month high as Fed injects $300B
For trader and analyst Rekt Capital, there was an additional reason to be optimistic thanks to the fact that Bitcoin could leave the intermediate downtrend behind for good.
A few months later and #BTC has finally come out of its accumulation range
This accumulation range was calculated based on the historical postmortal cross retracement theory mentioned in the thread$BTC #Crypto #Bitcoins pic.twitter.com/MRYUSGObdm
—Rekt Capital (@rektcapital) March 18, 2023
“When an old multi-month BTC downtrend breaks… A new multi-month $BTC uptrend emerges,” one of the various Twitter posts from the weekend read.
Rekt Capital highlighted the continued importance of the 200-period moving average (MA) on weekly timeframes, currently at $25,350 and primed for resistance or support reversal.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.