Bitcoin Levels to Watch as BTC Price Sees Weekly High in 9 Months
Bitcoin (BTC) approached a key weekly close on March 19 with 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 circulating $27,000 on Bitstamp.
After briefly draining $28,000 entering the weekend, a slow decline through after-hours trading denied the bulls a notch higher. This led market participants to assess the likelihood of Bitcoin returning to test support.
“Having my long position while we are above $25,500 but finally we lost $27,000 support so we are probably going to come down and test around $26,100,” popular trader Crypto Tony told Twitter followers.
“The key is that the bulls absolutely go into that moment.”
Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was bullish on the near-term outlook, even as BTC/USD fell over the weekend.
“Will we break above $26,800? The answer is clear; yes. This means the trend will continue until $26,800 is lost. Looking for one last sweep into $28,300-28,900 and then reversal,” a part of the analysis on 18 March tired.
A subsequent post on the day nevertheless emphasized the importance of support near just $300 below the current spot price.
“$26,800 is crucial for Bitcoin,” Van de Poppe in summary.
“Had two tests now. If we get another test it will likely break and cause a deeper and tougher correction. Holding above -> $28,500 next.”
Divorce from the downtrend
On weekly time frames, BTC/USD was still in line for an impressive candlestick, having last traded around $27,000 in June 2022.
Related: Bitcoin Price Hits $27,000 at New 9-Month High as Fed Injects $300B
For trader and analyst Rekt Capital, there was further reason for optimism thanks to Bitcoin potentially now leaving the intervening downtrend for good.
“As an old multi-month BTC downtrend is broken … A new $BTC multi-month uptrend emerges,” one of various Twitter posts over the weekend read.
Rekt Capital highlighted the ongoing significance of the 200-period moving average (MA) on weekly time frames, this currently sits at $25,350 and is poised for a resistance/support flip.
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.