Bitcoin levels to watch as BTC price eyes highest weekly close in 9 months

bitcoin (BTC) approached a key weekly close on March 19 with traders worried about a retest of lower levels.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin Bulls Must “Step In” to Protect $26,000

Data of Cointelegraph Pro Markets and TradingView showed BTC/USD circulating $27,000 on Bitstamp.

After briefly touching $28,000 over the weekend, a slow decline via after-hours trading denied bulls a bullish squeeze. This led market participants to weigh the likelihood of Bitcoin retesting support.

“I am long as we are above $25,500 but we eventually lost the $27,000 support so it is likely that we will go lower and test around $26,100,” popular Crypto trader Tony said Twitter followers.

“The key is for the bulls to absolutely step in at that point.”

BTC/USD annotated chart. Source: Crypto Tony\/Twitter

Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic about the near-term outlook, even as the BTC/USD pair fell over the weekend.

"Do we stay above $26,800? The answer is clear; yes. This means the trend will continue until $26,800 is lost. Looking for a final sweep to $28,300-28,900 and then a reversal," part of the analysis of March 18 fixed.

BTC/USD annotated chart. Source: Michael van de Poppe/Twitter

Nonetheless, a post later in the day underscored the importance of near support at just $300 below the current spot price.

“$26,800 is crucial for Bitcoin”, Van de Poppe summarized.

"Had two tests now. If we get one more test, it will probably break and cause a deeper, harder correction. Hold up -> $28,500 ahead."

Divorcing the downtrend

On weekly time frames, BTC/USD was still in line for an impressive close candle, having last acted around $27,000 in June 2022.

Related: Bitcoin Price Hits $27K At New 9-Month High As Fed Injects $300B

For trader and analyst Rekt Capital, there was additional cause for optimism that Bitcoin could leave the intermediate downtrend behind for good.

“When an old multi-month BTC downtrend breaks…a new multi-month BTC uptrend emerges,” one of several Twitter posts over the weekend read.

Rekt Capital highlighted the current importance of the 200-period moving average (MA) on weekly time frames, currently at $25,350 and poised for a resistance/support flip.

BTC/USD (Bitstamp) 1-week candlestick chart with 200MA. Source: TradingView

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