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Bitcoin price creeps 2.5% off lows as weekly chart risks ‘engulfed bearish’

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Bitcoin (BTC) looked to regain lost ground on April 23 as 10-day lows remained in place.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

$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.”

BTC/USD annotated chart. Source: Crypto Tony/Twitter

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.

BTC/USD annotated chart. Credit: Mark Cullen/Twitter

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.

“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.

Related: Forget BTC Price: The Bitcoin Mining Boom Is Quietly Parabolic

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.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

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.

Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?

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.