Bitcoin (BTC<\/a>) saw a fresh spike to near $45,000 overnight into March 27 as the weekend looked set to deliver a decisively bullish close.\u00a0<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD grinding back to higher levels seen days previously after a rejection<\/a> at just above the $45,000 mark.<\/p>\n While still within its extended trading range with $46,000 as its ceiling, the pair was still firmly on the radar of long-term traders as the weekly close drew near, this being apt to be Bitcoin’s highest of the year so far.<\/p>\n Popular trader and analyst Rekt Capital added that Bitcoin’s 21-week exponential moving average (EMA) was also in line for a flip as resistance \u2014 something which had served bulls well in 2021.<\/p>\n #BTC<\/a> is positioning itself well for a breakout Weekly Close beyond a key Bull Market EMA (21-week EMA)$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/HmmfCkOxiP<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) March 26, 2022<\/a><\/p><\/blockquote>\n Some were not convinced of the strength of current levels, however. Among them was fellow trader and analyst Crypto Ed, who cautioned that buying into long-term resistance nearly the $46,000 yearly open made little sense in terms of risk\/ reward ratio.<\/p>\n Try to convince me, spot buying into resistance right here is a bad idea. You might get an entry a bit lower but you might miss also a brutal break out and never get your retest. <\/p>\n Max risk is 1R \u2014 Ed_NL (@Crypto_Ed_NL) March 26, 2022<\/a><\/p><\/blockquote>\n As Cointelegraph reported<\/a>, others had already argued that a more significant trend breakout was necessary for Bitcoin in order for them to flip overall bullish and take on long positions.<\/p>\n Meanwhile, on-chain research revealed that it was spot markets, not derivatives, that were at the helm over the past week.<\/p>\n Related:\u00a0ProShares ETF’s Bitcoin stash hits $1.27B as BTC eyes $50K by mid-April<\/a><\/em><\/strong><\/p>\n This was bullish in itself, Glassnode co-founders Yann Allemann and Jan Happel argued on Twitter this weekend, since historically, sustained upside had been driven by spot demand.<\/p>\n Looks like the move to $44k was led by spot demand. Every sustained #BTC<\/a> bullish move is led by the spot market. pic.twitter.com\/b72KYwZVLr<\/a><\/p>\n \u2014 (@Negentropic_) March 26, 2022<\/a><\/p><\/blockquote>\n Derivatives themselves provided little cause for concern, however, as funding rates<\/a> stayed neutral to negative despite the advance towards the top of Bitcoin’s trading range.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/90cdd613-4feb-4b13-b752-9d92b9d30dc1.png\")
Weekly close of key importance<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/89f945f2-efcf-49fd-9f64-8e8352438636.png\")
\n
\n
You won’t succeed with this kind of R:R. <\/p>\n
Reward is 4.9R pic.twitter.com\/E7wo0MC0pB<\/a><\/p>\nSpot demand soothes market observers<\/h2>\n
\n