It is important to pay attention to Bitcoin levels as the price of BTC is close to its highest weekly close in nine months.
The value of BTC appears to remain stable, and analysts are predicting that the 200-week moving average may soon switch from being a resistance to now acting as a support.
Bitcoin (BTC) faced a crucial weekly close on March 19, with traders worried about a possible return to lower prices. The leading cryptocurrency had gained ground earlier in the week before slipping back, leaving investors uncertain about the future.
Bitcoin Bulls Needed to Defend $26K Price Level
Bitcoin prices continue to remain strong as data from Cointelegraph Markets Pro and TradingView shows BTC/USD circling $27,000 on Bitstamp. The cryptocurrency has experienced a remarkable rise in value since the beginning of the year, with the currency's value increasing by approximately 25%.
After briefly reaching the milestone of $28,000 during the weekend, Bitcoin saw a slow decline during the out-of-hours trading period, disappointing the bulls who were hoping for a surge higher. This has left market participants wondering whether Bitcoin will return to test the support levels.
Popular trader Crypto Tony alerted his Twitter followers in a recent post that he will be keeping his current long position above $25,500, though he believes the support at $27,000 has been lost and the market is likely to test the support level at $26,100. Crypto Tony is known for his spot-on predictions of the crypto market and his followers are sure to take his advice on board.
“The key is for the bulls to absolutely step in at that moment.”
Cryptocurrency enthusiast and Cointelegraph contributor Michaël van de Poppe remains upbeat on the short-term Bitcoin outlook, despite the market's recent downward trend. Van de Poppe, who is also the founder and CEO of trading firm Eight, believes that the BTC/USD pair still has potential for growth in the coming weeks. Van de Poppe commented, "I remain positive on the short-term outlook for Bitcoin.
Today, the importance of local support has been highlighted by a recent post which stated that the price of a commodity should be only $300 below the current spot price. This post serves to remind the public and business owners of the importance of local support for a thriving economy.
Cryptocurrency expert, Crypto Michaël Van de Poppe, recently expressed his enthusiasm for Bitcoin's future outlook, citing an important benchmark that the digital asset must reach.
"Had two tests now. If we get one more test, it will probably break and cause a deeper and harsh correction. Holding above -> $28,500 next."
"Time to Break Free: Divorce the Downtrend"
Several months later and #BTC has finally broken out from its Accumulation Range
— Rekt Capital (@rektcapital) March 18, 2023
This Accumulation Range was calculated based on historical post-Death Cross retracement theory mentioned in the thread$BTC #Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/MRYUSGObdm
The crypto markets have seen a remarkable shift with Bitcoin breaking an old multi-month downtrend and entering a new uptrend. This news was shared on Twitter over the weekend, sparking excitement among traders and investors alike. The previous downtrend had been ongoing for months, leaving many traders worried about the state of the digital asset.
Rekt Capital, a financial analyst firm, has recently highlighted the ongoing significance of the 200-period moving average (MA) on weekly timeframes. This MA is currently sitting at $25,350, suggesting that it is primed for a resistance/support flip. This flip could potentially have significant impacts on the markets, as traders and investors will be watching to see which direction the MA will go.
