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

Bitcoin (BTC) approached a crucial weekly close on March 19, with traders worried about a retest of lower levels.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

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.”

BTC/USD annotated chart. Source: Crypto Tony\/Twitter

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.

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

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.

“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.

200MA BTC/USD 1 Week Candle Chart (Bitstamp).Source: Trading View

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.