Bitcoin Turns Up the Heat on Lost Support for Its Latest Weekly Close
Cointelegraph
Bitcoin is nearing a weekly close above $70,000, potentially reclaiming a key 200-week trend line despite macroeconomic headwinds.Summary
Bitcoin (BTC) showed gains on Sunday, aiming for a weekly close above $70,000 and a recovery of a significant 200-week trend line. The price has remained above key long-term levels, including the 200-week exponential moving average and the 2021 all-time high range. Analysts suggest recent price corrections were due to risk aversion before the weekend, and anticipate continued upward movement towards $75,000-$80,000, though geopolitical risks and macroeconomic factors could introduce downside risk. Despite these challenges, Bitcoin has seen over an 8% increase this week, with March gains at 6.7%. Traders note consistent profit-taking around the $70,000 mark, but no significant panic selling.
(Source：Cointelegraph)