Bitcoin (BTC<\/a>) sought to snatch back lost ground on April 23 as ten-day lows remained in place.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it rose to circle $27,700 at the time of writing.<\/p>\n Up around 2.5% from the lows set the day prior, the pair remained on traders\u2019 radar as a potential short opportunity into the weekly close.<\/p>\n \u201c$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,\u201d Crypto Tony confirmed<\/a> to Twitter followers on the day. <\/p>\n \u201cIt is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.\u201d<\/p><\/blockquote>\n That target would mark a new bottom for Bitcoin, which lost 10%<\/a> over the week to turn April performance negative overall.<\/p>\n Analyst Mark Cullen eyed the potential for BTC\/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close.<\/p>\n \u201cLots of bids sitting at 26.5k, but not sure they get tapped just yet,\u201d he added<\/a> in accompanying commentary, offering a similar logical target to Crypto Tony.<\/p>\n A further Twitter post noted increased spot market selling on largest exchange Binance, this potentially adding downside pressure in an otherwise less liquid weekend trading environment.<\/p>\n GM #Crypto<\/a>!<\/p>\n Looks like the @binance<\/a> spot selling is still trying to push price lower. They took a break as markets closed on Friday, but the algos seem to be kicking back in. pic.twitter.com\/VQCROCYOnU<\/a><\/p>\n \u2014 AlphaBTC (@mark_cullen) April 23, 2023<\/a><\/p><\/blockquote>\n Market participants appeared to share consensus over BTC price action more broadly, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023.<\/p>\n Related:\u00a0Forget BTC price: The Bitcoin mining boom is quietly going parabolic<\/a><\/em><\/strong><\/p>\n Among them was Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, who likewise shared the popular downside targets.<\/p>\n The weekly chart, he added, was still on track to print a higher low (HL), thus preserving the uptrend.<\/p>\n \u201cI don’t see the entire bearish perspective,\u201d he argued<\/a>. <\/p>\n \u201cWeekly timeframe we’re seeking for a HL, which seems as a possible case around $26,500-27,000 (perhaps $25,000). Breaking back above $27,800 is probably a strong upwards reaction to $29,000 for Bitcoin and continuation of the uptrend.\u201d<\/p><\/blockquote>\n Popular trader CryptoBullet sounded more nervous \u2014 even while acknowledging that a weekly candle eclipsing a full month\u2019s progress would not necessarily spell the end for the bull run.<\/p>\n #Bitcoin<\/a> $BTC<\/a> 1W<\/p>\n Even if we close the weekly candle as a horrendous Bearish Engulfing, it\u2019s not over yet<\/p>\n Let me remind you what we had back in 2019 during the same Echo Bubble rally:<\/p>\n 1 – Bear Market Low \u2014 CryptoBullet (@CryptoBullet1) April 22, 2023<\/a><\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/b963efca-f36e-4384-a6ec-76ec69f2e4de.png\")
$26,600 becomes popular BTC price target<\/h2>\n
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“Horrendous bearish engulfing” looms<\/h2>\n
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2 – First Bounce
3 – Higher Low
4 – Weeks of sideways consolidation after\u2026 pic.twitter.com\/MI4yYTAKBe<\/a><\/p>\n