Bitcoin price creeps 2.5% off lows as weekly charts risk ‘bearish engulfing’
Bitcoin (BTC) attempted to regain lost ground on April 23 as a ten-day low remained in place.
$26,600 becomes popular BTC price target
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rose to circle $27,700 at the time of writing.
Up around 2.5% from the previous day’s lows, the pair remained on traders’ radar as a potential short opportunity into the weekly close.
“$26,600 is my target in my short position right now and this weekend it might take a little longer to get there,” Crypto Tony confirmed to Twitter followers on the day.
“It’s the most logical target, and we’ve also had bids appear down there now, so I expect a reaction once it’s tested.”
This target would mark a new low for Bitcoin, which lost 10% on the week to turn April’s performance negative overall.
Analyst Mark Cullen saw the potential for BTC/USD to approach the April 21 CME futures close of $27,310 before the weekly close.
“Lots of bids at 26.5k but not sure they’ll be tapped yet,” he added in accompanying commentary, offering a similar logical goal to Crypto Tony.
A further Twitter post noted increased selling in the spot market on the largest exchange Binance, potentially adding downside pressure to an otherwise less liquid trading environment over the weekend.
GM #Crypto!
Looks like @binance spot sales are still trying to push the price down. They took a break when the markets closed on Friday, but algos seem to be kicking back in. pic.twitter.com/VQCROCYOnU
— AlphaBTC (@mark_cullen) 23 April 2023
“Terrible bearish engulfing” looms
Market participants seemed to share the consensus on BTC price action more broadly, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023.
Related: Forget BTC Price: Bitcoin Mining Boom Quietly Goes Parabolic
Among them was Michaël van de Poppe, founder and CEO of trading company Eight, who also shared the popular downside targets.
The weekly chart, he added, was still on track to print a higher low (HL), thus preserving the uptrend.
“I don’t see the whole bearish perspective,” he argued.
“Weekly timeframe we are looking for a HL, which seems like a possible case around $26,500-27,000 (maybe $25,000). Breaking back above $27,800 is likely a strong upside reaction to $29,000 for Bitcoin and continuation of the uptrend.”
Popular trader CryptoBullet sounded more nervous — even as he acknowledged that a weekly candle that eclipses a full month’s progress wouldn’t necessarily spell the end of the bull run.
Even if we close the weekly candle like a horrible Bearish Engulfing, it’s not over yet
Let me remind you what we had back in 2019 during the same Echo Bubble rally:
1 – Bear Market Low
2 – First bounce
3 – Higher Low
4 – Weeks of sideways consolidation after… pic.twitter.com/MI4yYTAKBe— CryptoBullet (@CryptoBullet1) 22 April 2023
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Last 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.
