Bitcoin Turns Up the Heat on Lost Support for Its Latest Weekly Close

Bitcoin (BTC) inched higher on Sunday as bulls sought to seal a weekly close above $70,000.

Key points:

• Bitcoin eyes its highest daily close in over a week with a fresh weekend push above $70,000.

• Price offers a reclaim of a key support trend line on weekly time frames.

• Sell-side pressure at local highs is “steady profit-taking,” analysis says.

BTC price attempts long-term support rescue

Data from TradingView showed out-of-hours price action topping out just below the $72,000 mark before cooling.

Now in line for its seventh consecutive green daily candle, BTC/USD eyed its highest daily close since March 4.

Along with $70,000, price also stayed above key long-term levels: the 200-week exponential moving average (EMA) and the old 2021 all-time high at $68,300 and $69,400, respectively.

“The recent correction on Friday on Bitcoin was essentially just risk-off appetite to not be having positions going into the weekend. Nothing else,” crypto trader Michaël van de Poppe wrote in his latest X analysis.

“Markets are turning back upwards again, probably we’ll see a slight pullback later today for CME gap closing appetite, but other than that, I would assume we’ll continue to grind upwards to the resistances at $75-80K.”

Van de Poppe correctly forecasted that the price would revisit Friday’s closing price of CME Group’s Bitcoin futures market at $71,325.

At the time of writing, BTC/USD was still up by more than 8% on the week, with March gains at 6.7%.

Macro turmoil spoils Bitcoin “relief rally”

Geopolitical risk, meanwhile, remained at the forefront of trader discussions.

Related: Bitcoin ‘passing geopolitical stress test’ as BTC price spikes above $72K

WTI crude oil ended the week attempting to repass $100 per barrel, with the global oil supply shock still playing out. 

“If macro was calm, this sort of structure could easily turn into a relief rally. But with the current backdrop… downside risk still hasn’t really gone away,” crypto analysis host Kyle Doops commented on X last week.

Doops identified a mid-term trading range for Bitcoin that was bordered by two key boundaries: the true market mean at $78,400, and the aggregate realized price of the current supply at $54,400.

“Every time price pokes above $70K, sellers show up. Not panic selling… just steady profit-taking,” he summarized about lower time frames.