Bitcoin (BTC) approached a key weekly close on March 19 with traders concerned about a retest of lower levels.
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.
Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic on 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 analysis on March 18 stated.
A subsequent post on the day nonetheless underscored the importance of nearby support just $300 below current spot price.
"$26,800 is crucial for Bitcoin," Van de Poppe summarized.
On weekly timeframes, BTC/USD was still in line for an impressive candle close, having last acted around $27,000 in June 2022.
Related: Bitcoin price hits $27K in new 9-month high as Fed injects $300B
For trader and analyst Rekt Capital, there was additional cause for optimism thanks to Bitcoin potentially now leaving the intervening downtrend behind for good.
Several months later and #BTC has finally broken out from its Accumulation RangeThis Accumulation Range was calculated based on historical post-Death Cross retracement theory mentioned in theRead more on cointelegraph.com