Bitcoin reached an important weekly break above $70,000, which included a retracement of an important 200-week trend line.
Bitcoin (BTC) rallied on Sunday as bulls tried to close out the week above $70,000.
Main points:
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Bitcoin is eyeing its highest daily high in a week and is expected to break above $70,000 at the end of the new week.
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The price suggests a reversal of the main trendline support in the weekly time frame.
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The analysis says that sales pressure at the local high level is “permanent benefit”.
BTC price is trying to save the long-term support
Data from TradingView showed that after-hours action, prices rose just below $72,000 before cooling off.
Now in its seventh daily green candlestick, BTC/USD has seen its highest daily close since March 4th.
Along with $70,000, the price also remained above key long-term levels: the 200-week exponential moving average (EMA) and the 2021 high of $68,300 and $69,400, respectively.
“Bitcoin’s recent correction on Friday was essentially an appetite for risk aversion over the weekend. Nothing more,” crypto trader Michael van de Poppe said in his latest analysis.
“Markets are coming back up, we’ll probably see a little bit of a reduction in CME appetite later, but other than that, I think we’re going to continue to see resistance at $75-80k.”
Van de Poppe correctly predicted that the price will revisit Friday’s price on CME Group’s Bitcoin futures market at $71,325.
At the time of writing, BTC/USD is up more than 8% on the week so far, and is up 6.7% in March.
Macro volatility disrupts Bitcoin’s ‘supportive rally’
Meanwhile, geopolitical risk remained at the forefront of traders’ discussions.
related to: Bitcoin undergoes “geopolitical stress test” as BTC price rises above $72k
WTI crude ended the week trying to push back above $100 a barrel, and the global oil supply shock continues.
“If the macro were quiet, this kind of structure could easily turn into a relief rally. But with the current backdrop… the downside risk is still not gone,” crypto analyst Kyle Dups said of X last week.
Doops identified a medium-term trading range for Bitcoin that was bordered by two key boundaries: the true market at $78,400 and the current total supply at $54,400.
“Every time the price goes above $70,000, there are sellers. Don’t panic sell … just take a steady profit,” he concluded on the lower time frame.
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