Bitcoin (BTC) remained near the top of its recent trading range on March 20 as the weekly close appeared to reach a multi-week high.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Weekly close can get 4 weeks high
Data from Coin-Crypto Markets Pro and Trading Display showed on Sunday that BTC/USD is maneuvering around the upper $41,000 zone.
Friday’s late rise generally held, and Saturday saw Bitstamp return of $42,400, which matched its early March high.
Now the weekly chart looked poised to deliver Bitcoin’s best weekly close since early February.
BTC/USD 1-week candlestick chart (bit stamp). Source: TradingView
“This could change at any time, but honestly, the Bitcoin price chart is looking better right now than it has been for a while,” analyst Lyn Alden In summary late last week.
Past takes had warned of a real shift in BTC price action, with popular trader Pentoshi warning that a potential rebound probably wouldn’t last long and would eventually become the precursor to new lows.
Fellow Twitter analyst Credible Crypto, meanwhile, presented two likely trajectories for BTC/USD based on the daily demand that keeps the market at a specific price.
One option was a break of $42,500 followed by $45,000, while its bearish counterpart hit a bottom target of $29,000-$32,000.
An update on this idea – the daily question will be held and if we see option 1 come true – the triangular structure may already be complete by now. If this is the case, it will become VERY clear in the coming days. Starting with a 42.5k break and 45k shortly after. $BTC https://t.co/iSDcDUhpaY pic.twitter.com/RUqs0tzsMI
— Credible cryptography (@CredibleCrypto) March 20, 2022
In the longer term, however, confidence was palpable.
“As long as the price continues to close above 34k on the W3 timeframe, this hidden bullish div is likely to play out and send us to the new ATH,” Credible Crypto added in another update Sunday.
Stocks hit last minute
As they prepared for another macro week, markets generally looked stronger, despite the headwinds facing Europe and the United States in particular.
Related: Bitcoin Faces New ‘Milestone’ in 2022 as New Forecast Predicts BTC Price ‘In the Millions’
Despite the ongoing war between Russia and Ukraine, European stocks recovered on Friday, commentator Holger Zschaepitz said. described as “totally crazy.”
“European stocks have now fully recovered from the shock of the Russian invasion of Ukraine,” he noted.
“Stoxx 600 fell 10.6% from pre-invasion on February 24 to its low on March 7. It is now right back where it started, after the biggest weekly rally since November 2020.”
Should the Unlikely Optimism Continue, Bitcoin Could Profit If Its correlation with stock performance keeps existing.