{"id":46645,"date":"2023-03-19T16:14:45","date_gmt":"2023-03-19T16:14:45","guid":{"rendered":"https:\/\/egrowonline.com\/?p=46645"},"modified":"2023-03-19T16:14:45","modified_gmt":"2023-03-19T16:14:45","slug":"bitcoin-levels-to-watch-as-btc-price-eyes-highest-weekly-close-in-9-months","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=46645","title":{"rendered":"Bitcoin levels to watch as BTC price eyes highest weekly close in 9 months"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) approached a key weekly close on March 19, with traders concerned about a retest of lower levels.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin bulls must \u201cstep in\u201d to protect $26,000<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD circling $27,000 on Bitstamp.<\/p>\n

After briefly tapping $28,000 into the weekend, a slow comedown through out-of-hours trading denied bulls a squeeze higher. This led market participants to weigh the likelihood of Bitcoin returning to test support.<\/p>\n

\u201cHolding my long position while we are above $25,500, but ultimately we lost $27,000 support so we are likely to come down and test around $26,100,\u201d popular trader Crypto Tony told<\/a> Twitter followers. <\/p>\n

\u201cThe key is for the bulls to absolutely step in at that moment.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/figcaption><\/figure>\n

Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, was optimistic about the short-term outlook, even as BTC\/USD drifted lower over the weekend.<\/p>\n

\u201cAre we staying above $26,800? Answer is clear; yes. This means, trend will continue to last until $26,800 is lost. Looking for a final sweep into $28,300-28,900 and then reversal,\u201c part of the analysis on March 18 stated<\/a>.<\/p>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/Twitter<\/em><\/figcaption><\/figure>\n

A subsequent post on the day nonetheless underscored the importance of nearby support just $300 below the current spot price.<\/p>\n

\u201c$26,800 is crucial for Bitcoin,\u201c Van de Poppe\u00a0summarized<\/a>.<\/p>\n

\u201cHad two tests now. If we get one more test, it will probably break and cause a deeper and harsh correction. Holding above -> $28,500 next.\u201c<\/p><\/blockquote>\n

Divorcing the downtrend<\/h2>\n

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

Related:\u00a0Bitcoin price hits $27K in new 9-month high as Fed injects $300B<\/a><\/em><\/strong><\/p>\n

For trader and analyst Rekt Capital, there was additional cause for optimism thanks to Bitcoin potentially leaving the intervening downtrend behind for good.<\/p>\n

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Several months later and #BTC<\/a> has finally broken out from its Accumulation Range<\/p>\n

This Accumulation Range was calculated based on historical post-Death Cross retracement theory mentioned in the thread$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/85DjLHoZnD<\/a> pic.twitter.com\/MRYUSGObdm<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) March 18, 2023<\/a><\/p><\/blockquote>\n

\u201cWhen an old multi-month BTC downtrend gets broken\u2026 A new $BTC multi-month uptrend emerges,\u201c one of various weekend Twitter posts read<\/a>.\u00a0<\/p>\n

Rekt Capital highlighted the ongoing significance of the 200-period moving average (MA) on weekly timeframes, currently sitting at $25,350 and primed for a resistance or support flip.<\/p>\n

BTC\/USD 1-week candle chart (Bitstamp) with 200MA. Source: TradingView<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) approached a key weekly close on March 19, with traders concerned about a retest of lower levels. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin bulls must \u201cstep in\u201d to protect $26,000 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD circling $27,000 on Bitstamp. After briefly tapping $28,000 into the weekend, a […]<\/p>\n","protected":false},"author":1,"featured_media":46646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,194,752,793,1539,977,121,195,635,675],"class_list":["post-46645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-btc","tag-close","tag-eyes","tag-highest","tag-levels","tag-months","tag-price","tag-watch","tag-weekly"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/03\/125d07fd-1c39-476a-a892-697678ac8579.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/46645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46645"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/46645\/revisions"}],"predecessor-version":[{"id":46647,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/46645\/revisions\/46647"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/46646"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46645"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}