Bitcoin (BTC), which was trading at the top of its range, remained near the top on March 20, as the weekly close appeared set to reach a multi-week peak.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Weekly close could reach 4-week high
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was trading in the $41,000-plus zone on Sunday.
Friday’s late surge was broadly held and Saturday saw a return on Bitstamp of $42,400, matching the March high.
The weekly chart now looked poised to bring Bitcoin’s highest weekly close since February.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
Analyst Lyn Alden stated that while this could change at any time, the Bitcoin price chart is currently looking better than it has in a long time,” he said at the end last week.
Previous reports had warned of a shift in BTC price action. Pentoshi, a popular trader, warned that an uptick could not last long and eventually lead to new lows.
Credible Crypto, a fellow Twitter analyst, presented two possible trajectories of BTC/USD based upon daily demand keeping the market at a certain price.
The first option offered a break of $42,500, followed by $45,000; the bearish counterpart provided a bottom target between $29,000 and $32,000
Update on this idea – Daily demand held and Option 1 being played out – it is possible that the triangle structure may be already complete. It will be very clear in the coming days if this is true. Start with a break at 42.5k, and then 45k. $BTC https://t.co/iSDcDUhpaY pic.twitter.com/RUqs0tzsMI
Credible Crypto (@CredibleCrypto), March 20, 2022
However, confidence was evident over longer time frames.
Credible Crypto posted another update Sunday, “As long price closes above 34k on W3 timeframe,” Credible Crypto said.
Stocks stage a last-minute bounceback
Markets are looking stronger despite the headwinds facing Europe, the United States and in particular.
Related: Bitcoin will face a new milestone in 2022, as a new forecast predicts that BTC’s price will reach ‘in the thousands’
European stocks rebounded Friday despite the ongoing Russia-Ukraine conflict, a phenomenon that Holger Zschaepitz, a market commentator, described as “totally insane.”
He noted that “European stocks are now fully recovered from shock caused by Russia’s invasion in Ukraine.”
“Stoxx 600 fell 10.6% between Feb24th invasion and Mar7. After the largest weekly rally since Nov 2020, it is back exactly where it began.
Bitcoin may be able to profit if its correlation with equities performance continues, even if it is not optimistic.