Bitcoin levels to watch as BTC price eyes highest weekly close in 9 months

BTC price action continues to hold higher, with analysis also flagging the 200-week moving average potentially flipping to support.

Bitcoin BTC$27,493 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 “step in” 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 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.

“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,” popular trader Crypto Tony told Twitter followers.

“The key is for the bulls to absolutely step in at that moment.”

BTC/USD annotated chart. Source: Crypto Tony/Twitter

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.

“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,“ part of the analysis on March 18 stated.

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

A subsequent post on the day nonetheless underscored the importance of nearby support just $300 below the current spot price.

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

“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.“

Divorcing the downtrend

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

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

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

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.

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

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source: Cointelegraph

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