Bitcoin Levels to Watch as BTC Price Sees Weekly High in 9 Months

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.

BTC/USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView

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.”

BTC/USD Annotated Chart. Source: Crypto Tony\/Twitter

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.

BTC/USD Annotated Chart. Source: Michaël van de Poppe/Twitter

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.

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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.

BTC/USD 1-week candlestick chart (bit stamp) with 200MA. Source: TradingView

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.

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