Mar 20, 2023
Bulls Must “Step In” to Defend $26K as BTC Closes Key Weekly Candle
Bitcoin (BTC) closed a key weekly session on March 19th, with traders concerned about a potential retest of lower levels. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling around $27,000 on Bitstamp. After briefly reaching $28,000 into the weekend, a slow decline through out-of-hours trading prevented bulls from pushing prices higher.
Popular trader Crypto Tony noted, “Holding 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. The key is for the bulls to absolutely step in at that moment.”
Cointelegraph contributor Michaël 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. He stated, “Are 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.”
Van de Poppe further emphasized the importance of support just $300 below the current spot price. He commented, “$26,800 is crucial for Bitcoin. Had 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.”
On weekly timeframes, BTC/USD was still in line for an impressive candle close, having last acted around $27,000 in June 2022. Trader and analyst Rekt Capital noticed that Bitcoin had the potential to leave the intervening downtrend behind for good. He tweeted, “When an old multi-month BTC downtrend gets broken… A new $BTC multi-month uptrend emerges.”
Rekt Capital also 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.
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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
