{"id":18187,"date":"2023-04-24T01:18:06","date_gmt":"2023-04-24T01:18:06","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-crawls-2-5-off-lows-as-weekly-chart-risks-bearish-engulfing\/"},"modified":"2023-04-24T01:18:08","modified_gmt":"2023-04-24T01:18:08","slug":"bitcoin-price-crawls-2-5-off-lows-as-weekly-chart-risks-bearish-engulfing","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-crawls-2-5-off-lows-as-weekly-chart-risks-bearish-engulfing\/","title":{"rendered":"Bitcoin price crawls 2.5% off lows as weekly chart risks \u2018bearish engulfing\u2019"},"content":{"rendered":"
\n

Bitcoin (BTC) sought to snatch back lost ground on April 23 as 10-day lows remained in place.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

$26,600 becomes popular BTC price target<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it rose to circle $27,700 at the time of writing.<\/p>\n

Up around 2.5% from the lows set the day prior, the pair remained on traders\u2019 radar as a potential short opportunity into the weekly close.<\/p>\n

\u201c$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,\u201d Crypto Tony confirmed<\/a> to Twitter followers on April 23. <\/p>\n

\u201cIt is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/figcaption><\/figure>\n

That target would mark a new bottom for Bitcoin, which lost 10% over the week to turn its April performance negative overall.<\/p>\n

Analyst Mark Cullen eyed the potential for BTC\/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close.<\/p>\n

\u201cLots of bids sitting at 26.5k, but not sure they get tapped just yet,\u201d he added<\/a> in accompanying commentary, offering a target similar to Crypto Tony.<\/p>\n

BTC\/USD annotated chart. Source: Mark Cullen\/Twitter<\/em><\/figcaption><\/figure>\n

A further tweet noted increased spot market selling on Binance, the largest exchange, potentially adding downside pressure in an otherwise less-liquid weekend trading environment.<\/p>\n

\n

GM #Crypto<\/a>!<\/p>\n

Looks like the @binance<\/a> spot selling is still trying to push price lower. They took a break as markets closed on Friday, but the algos seem to be kicking back in. pic.twitter.com\/VQCROCYOnU<\/a><\/p>\n

\u2014 AlphaBTC (@mark_cullen) April 23, 2023<\/a><\/p><\/blockquote>\n

\u201cHorrendous bearish engulfing\u201d looms<\/h2>\n

Market participants appeared to share the same consensus over BTC price action more broadly, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023.<\/p>\n

Related:\u00a0Forget BTC price: The Bitcoin mining boom is quietly going parabolic<\/em><\/strong><\/p>\n

Among them was Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, who likewise shared the popular downside targets.<\/p>\n

The weekly chart, he added, was still on track to print a higher low (HL), thus preserving the uptrend.<\/p>\n

\u201cI don’t see the entire bearish perspective,\u201d he argued<\/a>. <\/p>\n

\u201cWeekly timeframe we\u2019re seeking for a HL, which seems as a possible case around $26,500-27,000 (perhaps $25,000). Breaking back above $27,800 is probably a strong upwards reaction to $29,000 for #Bitcoin and continuation of the uptrend.\u201d<\/p><\/blockquote>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Popular trader CryptoBullet sounded more nervous \u2014 even while acknowledging that a weekly candle eclipsing a full month\u2019s progress would not necessarily spell the end of the bull run.<\/p>\n

\n

#Bitcoin<\/a> $BTC<\/a> 1W<\/p>\n

Even if we close the weekly candle as a horrendous Bearish Engulfing, it\u2019s not over yet<\/p>\n

Let me remind you what we had back in 2019 during the same Echo Bubble rally:<\/p>\n

1 – Bear Market Low
2 – First Bounce
3 – Higher Low
4 – Weeks of sideways consolidation after\u2026 pic.twitter.com\/MI4yYTAKBe<\/a><\/p>\n

\u2014 CryptoBullet (@CryptoBullet1) April 22, 2023<\/a><\/p><\/blockquote>\n

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n