Bitcoin Levels to Watch as BTC Price Sees Highest Weekly Close in 9 Months

Bitcoin (BTC) approached 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 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.”

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

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.

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

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.

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

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.

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