BTC Approaches Critical Weekly Close Above $70K, Eyes Major Support Recovery
Bitcoin moved closer to a significant weekly close surpassing $70,000, potentially recapturing a crucial 200-week trend line support level.
On Sunday, Bitcoin (BTC) climbed progressively higher as market bulls worked to secure a weekly closing price that exceeded the $70,000 threshold.
Key points:
- Bitcoin targets its strongest daily close in more than seven days following a renewed weekend surge past $70,000.
- The current price action suggests a recovery of an essential support trend line when analyzed on weekly timeframes.
- Selling pressure observed at recent peak levels represents "steady profit-taking," according to analytical assessments.
BTC price attempts long-term support rescue
According to data sourced from TradingView, price movements outside regular trading hours reached a peak just under the $72,000 level before experiencing a slight pullback.
Heading toward its seventh straight green daily candle, the BTC/USD trading pair was positioned for its strongest daily close recorded since March 4.
In addition to maintaining the $70,000 level, the price remained elevated above crucial long-term benchmarks: specifically, the 200-week exponential moving average (EMA) positioned at $68,300 and the previous 2021 all-time high standing at $69,400.
Cryptocurrency trader Michaël van de Poppe shared in his most recent X analysis that "The recent correction on Friday on Bitcoin was essentially just risk-off appetite to not be having positions going into the weekend. Nothing else."
"Markets are turning back upwards again, probably we'll see a slight pullback later today for CME gap closing appetite, but other than that, I would assume we'll continue to grind upwards to the resistances at $75-80K."
Van de Poppe's prediction that Bitcoin would return to Friday's CME Group Bitcoin futures market closing level of $71,325 proved to be accurate.
During the time this article was written, the BTC/USD pair continued to show gains exceeding 8% for the week, while March demonstrated overall returns of 6.7%.
Macro turmoil spoils Bitcoin "relief rally"
Concerns surrounding geopolitical risk continued to dominate conversations among market traders.
As the week concluded, WTI crude oil made attempts to cross back above the $100 per barrel threshold, as the worldwide oil supply disruption continued to unfold.
Crypto analysis host Kyle Doops remarked on X during the previous week, "If macro was calm, this sort of structure could easily turn into a relief rally. But with the current backdrop… downside risk still hasn't really gone away."
In his analysis, Doops pinpointed a medium-term trading range for Bitcoin defined by two critical price boundaries: the true market mean positioned at $78,400, and the aggregate realized price representing the current supply at $54,400.
Regarding shorter timeframe movements, he provided this summary: "Every time price pokes above $70K, sellers show up. Not panic selling… just steady profit-taking."
