Bitcoin advanced towards a major weekly close above $70,000 that would include a recovery from a major 200-week trendline.
Bitcoin (BTC) inched higher on Sunday as bulls sought to seal a weekly close above $70,000.
Key points:
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Bitcoin eyes its highest daily close in over a week with a fresh weekend push above $70,000.
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Price offers a reclaim of a key support trend line on weekly time frames.
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Sell-side pressure at local highs is “steady profit-taking,” analysis says.
BTC price attempts long-term support rescue
Data from TradingView showed out-of-hours price action topping out just below the $72,000 mark before cooling.
Now in line for its seventh consecutive green daily candle, BTC/USD eyed its highest daily close since March 4.
Along with $70,000, price also stayed above key long-term levels: the 200-week exponential moving average (EMA) and the old 2021 all-time high at $68,300 and $69,400, respectively.
“The recent correction on Friday on Bitcoin was essentially just risk-off appetite to not be having positions going into the weekend. Nothing else,” crypto trader Michaël van de Poppe wrote in his latest X analysis.
“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 correctly forecasted that the price would revisit Friday’s closing price of CME Group’s Bitcoin futures market at $71,325.
At the time of writing, BTC/USD was still up by more than 8% on the week, with March gains at 6.7%.
Macro turmoil spoils Bitcoin “relief rally”
Geopolitical risk, meanwhile, remained at the forefront of trader discussions.
Related: Bitcoin ‘passing geopolitical stress test’ as BTC price spikes above $72K
WTI crude oil ended the week attempting to repass $100 per barrel, with the global oil supply shock still playing out.
“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,” crypto analysis host Kyle Doops commented on X last week.
Doops identified a mid-term trading range for Bitcoin that was bordered by two key boundaries: the true market mean at $78,400, and the aggregate realized price of the current supply at $54,400.
“Every time price pokes above $70K, sellers show up. Not panic selling… just steady profit-taking,” he summarized about lower time frames.
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