Seven-day gains nearing 9% have put Bitcoin price action firmly ahead of every other week so far this year
Bitcoin price saw a fresh spike to nearly $45,000 overnight on March 27 as the weekend looked set to provide a clear bullish close. At the time of writing, BTC is changing hands at $44,609.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price on track to see its highest weekly close of 2022
BTC/USD is bouncing back to higher levels seen a few days earlier after being rejected just above the $45,000 mark. While still in an extended trading range with a ceiling of $46,000, the pair remains in the sights of long-term traders as the weekly close approaches, which is Bitcoin’s all-time high.
Popular trader and analyst Rekt Capital added that Bitcoin’s 21-week exponential moving average (EMA) was also in line for a flip as resistance — something which had served bulls well in 2021.
“BTC is positioning itself well for a breakout Weekly Close beyond a key Bull Market EMA (21-week EMA)”, Rekt Capital reported.
Source: Rekt Capital/Twitter
Some were not convinced of the strength of current levels, however. Among them was a fellow trader and analyst, Crypto Ed, who cautioned that buying into long-term resistance nearly the $46,000 yearly open made little sense in terms of risk/ reward ratio.
Others have argued that a more significant trend break is needed for Bitcoin to move into the overall uptrend and take long positions.
- Bitcoin Price Surpasses $44,500, Where Will The Rally Go?
- Bitcoin Price Took A Breather From Latest Upside After Predicted Resistance Kicked In Just Under The Yearly Open