Bitcoin Price Weekly Close Gives Mixed Signals After a week | Global CRYPTO News
Bitcoin Price Weekly Close Gives Mixed Signals
After a weekly close at around $27,930, Bitcoin is already heading higher, hitting $27,550 overnight, according to data from Cointelegraph Markets Pro and TradingView.
While encouraging, the close was nonetheless the weakest for Bitcoin since mid-March, as popular trader and analyst Rekt Capital is well aware.
As part of his analysis on twitter, he warned that $27,600 is a level from which it is possible to roll over to support.
“At first, BTC failed to recapture the $28,800 level on the weekly chart (orange). And then $BTC Weekly closed below $27,600, failing to hold it as support (black),” he summed up along with a chart showing the latest weekly timeframe events.
“If $27,600 turns into resistance, it could lead to a further fall into the low $20,000 area.”
This view reinforces the warnings over the weekend and adds to the small group of well-known experts still considering the possibility of a significant pullback in the price of BTC.
However, Rekt Capital is now more optimistic about bitcoin in general, not limited to the current correction and its potential target.
“Bitcoin has already broken its downtrend. Now it's about continuing a new uptrend,” reads another tweet.
“Whether a retest is needed or not, that is the question. But history shows that the medium- and long-term outlook looks bullish.”
On weekly timeframes, the key trend line remains the 200-week moving average (WMA), which has already received its first retest at $26,200.
