Bitcoin (BTC) approached a crucial weekly close on March 19, with traders worried about a retest of lower levels.
Bitcoin Bulls Must “Intervene” To Defend $26,000
Cointelegraph Markets Pro and TradingView Bitstamp showed BTC/USD around $27,000.
After briefly holding $28,000 over the weekend, a slow drop in after-hours trading did not boost the bulls. This has prompted market participants to consider the possibility of Bitcoin returning to testing support.
“Holding a long position while above $25,500 but ultimately losing support at $27,000 may lead to a drop and test around $26,100,” said popular trader Crypto Tony. Said twitter followers.
“The key is for the bulls to step absolutely in the moment.”
Cointelegraph contributor and founder and CEO of trading firm Eight, Michael van de Poppe, was optimistic about the near-term outlook despite the Bitcoin/USD drop over the weekend. .
“Are we holding above $26,800? The answer is clear, yes. This means the trend will continue until we lose $26,800. The final sweep from $28,300 to $28,900 and then a reversal ,” part of the March 18 analysis said.
Nonetheless, later posts of the day emphasized the importance of a nearby support just $300 below the current spot price.
“$26,800 is very important for Bitcoin,” says Van de Poppe wrap up.
“It’s been tested twice now. One more test and it will probably break and have a deeper and tougher adjustment. More hold -> $28,500 next.”
Breaking out of a downtrend
In the weekly timeframe, BTC/USD last acted around $27,000 in June 2022, still lining up for an impressive candle end.
RELATED: Bitcoin Price Reaches 9-Month High of $27,000 as Fed Injects $300 Billion
For trader and analyst Rekt Capital, Bitcoin gave another reason for optimism.
a few months later and #bitcoin Finally exceeded the accumulation range
This cumulative range was calculated based on the historical death cross retracement theory mentioned in the thread.$BTC #Crypt #bitcoin https://t.co/85DjLHoZnD pic.twitter.com/MRYUSGObdm
— Rekto Capital (@rektcapital) March 18, 2023
“Once the old multi-month BTC downtrend breaks … new $BTC multi-month uptrend appears,” one of various weekend Twitter posts. read.
Rekt Capital emphasized the continued importance of the 200-period moving average (MA) on the weekly timeframe. It is currently at $25,350, poised for a resistance/support reversal.
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.