Bitcoin price crawls 2.5% off lows as weekly chart risks 'bearish engulfing'
Bitcoin (BTC) sought to snatch back lost ground on April 23 as ten-day lows remained in place.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose to circle $27,700 at the time of writing.
Up around 2.5% from the lows set the day prior, the pair remained on traders’ radar as a potential short opportunity into the weekly close.
“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on the day.
That target would mark a new bottom for Bitcoin, which lost 10% over the week to turn April performance negative overall.
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.
“Lots of bids sitting at 26.5k, but not sure they get tapped just yet,” he added in accompanying commentary, offering a similar logical target to Crypto Tony.
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.
GM #Crypto!Looks like the @binance 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
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.
Related: Forget BTC price: The Bitcoin mining boom is quietly going parabolic
Among them was Michaël van de Poppe, founder and CEO of trading firm Eight, who likewise shared the popular downside targets.
The weekly chart, he added,
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