Bitcoin Expected To Settle At Its Best Weekly Closing Since 2022.
Bitcoin price activity is solidly ahead of every previous week so far this year, with seven-day gains reaching 9%.
Bitcoin (BTC) surged to near $45,000 overnight on March 27, indicating that the weekend would be a decisive bullish close.
BTC/USD was observed grinding back to higher levels seen days before following a rejection at slightly above the $45,000 mark, according to TradingView data.
As the weekly close approached, the pair remained firmly on the radar of long-term traders, although still being inside its prolonged trading range with $46,000 as its ceiling, with this likely to be Bitcoin’s highest of the year so far.
Rekt Capital, a popular trader and analyst, noted that Bitcoin’s 21-week exponential moving average (EMA) was also set to act as resistance, which has previously served bulls well in 2021.
However, several skeptics doubted the present levels’ strength. Crypto Ed, a fellow trader and analyst, was one of them, warning that the risk/reward ratio of buying into long-term resistance at the $46,000 annual open made little sense.
Others have previously claimed that a more major trend breakout was required for them to turn overall positive and establish long positions in Bitcoin.
Meanwhile, on-chain data found that spot markets, not derivatives, were the driving force behind the market this week.
On Twitter this weekend, Glassnode co-founders Yann Allemann and Jan Happel claimed that this was optimistic in and of itself, because traditionally, persistent gain has been driven by spot demand.
Despite the increase towards the top of Bitcoin’s trading range, derivatives themselves presented little cause for alarm, since financing rates remained neutral to negative.
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