Bitcoin (BTC) came close to a key weekly close on March 19 as traders were concerned about retesting lower levels.
Bitcoin Bulls Should ‘Intervene’ to Protect $26,000
Data from Cryptooshala Markets Pro and trade view showed BTC/USD hovering around $27,000 on Bitstamp.
After a brief rise of $28,000 over the weekend, a slow decline due to after-hours trading prevented the bulls from moving higher. This has left market participants weighing the likelihood of Bitcoin returning to test support.
“Hold my long position as long as we are above $25,500, but we ended up losing $27,000 support so we will probably go down and test around $26,100,” popular Crypto trader Tony. said Followers on Twitter.
“The key is for the bulls to fully intervene at this point.”
Cryptooshala contributor Mikael van de Poppe, founder and CEO of trading firm Eight, was optimistic about the short-term outlook even as BTC/USD dropped over the weekend.
“Are we staying above $26,800? The answer is clear; Yes. This means that the trend will continue until $26,800 is lost. Final jump to $28,300-$28,900 expected and then reversal,” part of analysis March 18. declared.
However, a follow-up message on the same day highlighted the importance of immediate support just $300 below the current spot price.
“$26,800 is critical to Bitcoin,” Van de Poppe. summarize.
“Now there were two tests. If we run another test, it will likely break and trigger a deeper and sharper correction. Hold higher -> $28,500 next.”
Divorce with a downtrend
On the weekly timeframes, BTC/USD was still poised for an impressive candle close, last active around $27,000 in June 2022.
Bitcoin price hits new 9-month high of $27K as Fed injects $300B
Trader and analyst Rekt Capital has further reason to be optimistic that Bitcoin is now potentially leaving the interim downtrend behind for good.
A few months later and #BTC finally broke out of the accumulation range
This range of accumulation was calculated based on the historical theory of recovery after the Death Cross mentioned in the topic.$BTS #Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/MRYUSGObdm
— Rekt Capital (@rektcapital) March 18, 2023
“When the old multi-month downtrend of BTC breaks… a new multi-month uptrend of $BTC appears,” one Twitter post over the weekend. read.
Rekt Capital highlighted the continued value of the 200-period moving average (MA) on the weekly time frames, which currently sits at $25,350 and is aiming for a resistance/support reversal.
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com
