Bitcoin Levels to Watch as BTC Price Eyes Highest Weekly Close in 9 Months – Crypto News Today

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

Bitcoin (BTC) approached a key weekly close on March 19 as traders worried about a retest of lower levels.

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

Bitcoin Bulls Need to ‘Intervene’ to Protect $26,000

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

After briefly drawing $28,000 over the weekend, a slow descent through after-hours trading kept the bulls from tightening. This led market participants to weigh the likelihood of Bitcoin returning to testing support.

“I am holding my long position as we are above $25,500 but eventually lost $27,000 of support so we are likely to head down and test around $26,100,” the popular Crypto trader said. Tony. said Twitter followers.

“The key is that the bulls absolutely step in then.”

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 though BTC/USD fell over the weekend.

“Are we staying above $26,800? The answer is clear; yes. This means the trend will continue until $26,800 is lost. Looking for a final sweep towards 28 $300 – $28,900, then a reversal,” is part of the March 18 analysis. declared.

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

A later post from the day nonetheless highlighted the importance of nearby support at just $300 below the current spot price.

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

“We’ve had two tests now. If we get one more test it will likely break and cause a deeper and more severe correction. Hold above -> $28,500 next.”

Divorce downtrend

On weekly timeframes, BTC/USD was still in line for an impressive candle close, having last acted around $27,000 in June 2022.

Related: Bitcoin price hits $27,000 in new 9-month high as Fed injects $300B

For trader and analyst Rekt Capital, there was additional reason to be bullish thanks to Bitcoin, potentially leaving the middle bear trend behind for good.

“When an old multi-month BTC downtrend is broken… A new multi-month $BTC uptrend emerges,” one of the various Twitter posts from the weekend read.

Rekt Capital highlighted the continued importance of the 200-period moving average (MA) on weekly timeframes, with it currently sitting at $25,350 and preparing for a resistance/support reversal.

BTC/USD 1 week candle chart (Bitstamp) with 200MA. Source: Trading View

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.