Bitcoin levels to view as BTC rate eyes greatest weekly close in 9 months


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

BTC/USD 1-hour candle light chart (Bitstamp). Source: TradingView

Bitcoin bulls should “action in” to secure $26,000

Information from Cointelegraph Markets Pro and TradingView revealed BTC/USD circling around $27,000 on Bitstamp.

After briefly tapping $28,000 into the weekend, a sluggish comedown through out-of-hours trading rejected bulls a capture greater. This led market individuals to weigh the probability of Bitcoin going back to check assistance.

” Holding my long position while we are above $25,500, however eventually we lost $27,000 assistance so we are most likely to come down and check around $26,100,” popular trader Crypto Tony informed Twitter fans.

” The secret is for the bulls to definitely action in at that minute.”

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

Cointelegraph factor Michaël van de Poppe, creator and CEO of trading company 8, was positive about the short-term outlook, even as BTC/USD wandered lower over the weekend.

” Are we remaining above $26,800? Response is clear; yes. This implies, pattern will continue to last till $26,800 is lost. Searching for a last sweep into $28,300-28,900 and after that turnaround,” part of the analysis on March 18 specified.

BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter

A subsequent post on the day however highlighted the value of close-by assistance simply $300 listed below the existing area rate.

“$ 26,800 is essential for Bitcoin,” Van de Poppe summed up.

” Had 2 tests now. If we get another test, it will most likely break and trigger a much deeper and severe correction. Holding above -> > $28,500 next.”

Separating the drop

On weekly timeframes, BTC/USD was still in line for a remarkable candle light close, having last acted around $27,000 in June 2022.

Related: Bitcoin rate strikes $27K in brand-new 9-month high as Fed injects $300B

For trader and expert Rekt Capital, there was extra cause for optimism thanks to Bitcoin possibly leaving the stepping in drop behind for excellent.

” When an old multi-month BTC drop gets broken … A brand-new $BTC multi-month uptrend emerges,” among numerous weekend Twitter posts check out.

Rekt Capital highlighted the continuous significance of the 200-period moving average (MA) on weekly timeframes, presently sitting at $25,350 and primed for a resistance or assistance turn.

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

The views, ideas and viewpoints revealed here are the authors’ alone and do not always show or represent the views and viewpoints of Cointelegraph.

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