Bitcoin levels to watch as BTC price hits highest weekly close in 9 months

Bitcoin (BTC) neared 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 must “step in” to protect $26,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $27,000 on Bitstamp.

After briefly tapping $28,000 over the weekend, a slow pullback from after-hours trading denied the bulls a boost. This prompted market participants to weigh the likelihood of Bitcoin returning to test support.

“I am keeping my long position while we are above $25,500, but ultimately we lost the $27,000 support so we will likely come down and test around $26,100,” said popular trader Crypto Tony told Twitter followers.

“The key is that the bulls absolutely step in at this moment.”

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

Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, expressed optimism about the near-term outlook even as BTC/USD drifted lower over the weekend.

“Are we staying above $26,800? answer is clear; Yes. This means that the trend will last until $26,800 is lost. Looking for a final sweep into $28,300-28,900 and then reversal,” part of March 18 analysis specified.

Annotated BTC/USD chart. Source: Michael van de Poppe/Twitter

A subsequent post on the day nonetheless underscored the importance of nearby support, which is just $300 below the current spot price.

“$26,800 is crucial for Bitcoin”, Van de Poppe summarized.

“Had two tests now. If we get another test it will likely break and cause a deeper and harsh correction. Hold up -> $28,500 next.”

Separation from the downtrend

On weekly time frames, BTC/USD was still facing an impressive candle close after last trading around $27,000 in June 2022.

Related: Bitcoin price hits fresh 9-month high of $27K as Fed injects $300B

For trader and analyst Rekt Capital, there was additional reason for optimism as Bitcoin could potentially end the intervening downtrend for good.

“When an old multi-month BTC downtrend breaks… a new multi-month $BTC uptrend emerges,” one of several Twitter posts over the weekend read.

Rekt Capital highlighted the continued importance of the 200-period moving average (MA) on weekly time frames, which currently stands at $25,350 and is primed for a resistance or support change.

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

The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.


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