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 tapping into $28,000 over the weekend, a slow decline through after-hours trading denied bulls a push higher. This prompted market participants to weigh the likelihood of Bitcoin returning to test support.
“Holding my long position while we are above $25,500, but ultimately we lost $27,000 support, so we will probably come down and test around $26,100,” popular trader Crypto Tony told Twitter followers.
“The key is for the bulls to absolutely step in at that moment.”
Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was bullish on the near-term outlook even as BTC/USD drifted lower over the weekend.
“Will we stay above $26,800? The answer is clear; Yes. This means the trend will continue until $26,800 is lost. Looking for a final sweep to $28,300-28,900 and then reversal,” part of the March 18 analysis listed.
A subsequent post on the day nevertheless emphasized the importance of nearby support just $300 below the current spot price.
“$26,800 is crucial for Bitcoin,” Van de Poppe summarized.
“Had two tests now. If we get one more it will probably break and cause a deeper and harder correction. Holding over -> $28,500 next.”
To break away from the downtrend
On weekly time frames, BTC/USD was still in line for an impressive candle close, having traded around $27,000 in June 2022.
Related: Bitcoin price hits $27,000 for new 9-month high as Fed injects $300B
For trader and analyst Rekt Capital, there was further reason for optimism thanks to Bitcoin potentially leaving the intermediate downtrend behind 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 continued importance of the 200-period moving average (MA) on weekly timeframes, currently sitting at $25,350 and poised for a resistance or support flip.
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.