Bitcoin (BTC) looked to regain lost ground on April 23 as 10-day lows remained in place.
$26,600 becomes popular BTC price target
Data from Cointelegraph Markets Pro and TradingView trailed BTC/USD as it hit $27,700 at the time of writing.
Up around 2.5% from yesterday’s lows, the pair remained on traders’ radar as a potential short opportunity through the weekly close.
“$26,600 is my target in my short position right now, and being the weekend, it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on April 23.
“It’s the most logical target and we also have offers popping up there now, so I expect a reaction once tested.”
This target would mark a new low for Bitcoin, which lost 10% over the week to turn its April performance into negative territory overall.
Analyst Mark Cullen considered the potential for BTC/USD to approach the April 21 CME futures closing price of $27,310 ahead of the weekly close.
“A lot of offers are at 26.5k, but I’m not sure they’re being exploited just yet,” he said. added in the accompanying comment, offering a similar target to Crypto Tony.
Another tweet noted an increase in spot market sales on Binance, the largest exchange, potentially adding downward pressure in an otherwise less liquid weekend trading environment.
looks like @binance spot selling always tries to drive prices down. They paused as markets closed on Friday, but the algos appear to be picking up again. pic.twitter.com/VQCROCYOnU
— AlphaBTC (@mark_cullen) April 23, 2023
“Horrible bearish engulfment” looms
Market participants appeared to share the same consensus on BTC price action more broadly, suggesting that short-term bearish moves were not yet likely to change the overall uptrend for 2023.
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Among them was Michaël van de Poppe, founder and CEO of the trading company Eight, who also shared the popular targets for the decline.
The weekly chart, he added, was still on track to print a higher low (HL), preserving the uptrend.
“I don’t see the whole bearish outlook,” he said. argued.
“The weekly timeframe we are looking for for an HL, which seems like a possible case around $26,500-27,000 (maybe $25,000). Getting back above $27,800 is probably a strong reaction to the rise to $29,000 for #Bitcoin and continuation of uptrend.
Popular trader CryptoBullet seemed more nervous – even acknowledging that a weekly candle eclipsing a full month’s progress wouldn’t necessarily mean the end of the bull run.
Even though we close the weekly candle like an ugly bearish engulfment, it’s not over yet
Let me remind you what we had in 2019 at the same Echo Bubble rally:
1 – Low bear market
2 – First bounce
3 – Higher Low
4 – Weeks of lateral consolidation after… pic.twitter.com/MI4yYTAKBe
— CryptoBullet (@CryptoBullet1) April 22, 2023
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.