August 19, 2022

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Bitcoin on track to achieve its highest weekly close in 2022

Bitcoin on track to achieve its highest weekly close in 2022

Bitcoin (BTC) a new high to nearly $45,000 overnight to March 27 as it looked like the weekend would achieve a decisive upward close.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Weekly closing of key importance

information from Cointelegraph Markets Pro And the TradingView BTC/USD showed a return to higher levels seen days ago after a rejection Just above the $45,000 mark.

While still within its extended trading range with a maximum of $46,000, the pair was still on the radar of long-term traders as the weekly close approached, and this is likely to be the highest bitcoin of the year so far.

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

Popular trader and analyst Rekt Capital added that Bitcoin’s 21-week exponential moving average (EMA) was also in the reversal line as resistance – something that served bulls well in 2021.

However, some were not convinced by the strength of the current levels. Among them was Crypto trader and analyst Ed, who warned that buying into the long-term resistance of the nearly $46,000 annually open makes no sense in terms of the risk/reward ratio.

As Cointelegraph mentionedOthers have already argued that a more significant trend break was necessary for Bitcoin to be able to reverse the general uptrend and take long positions.

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Spot demand calms market watchers

Meanwhile, on-chain research reveals that spot markets, not derivatives, have been at the helm over the past week.

Related: ProShares Bitcoin ETF Stock Reaches $1.27B while BTC Eyes $50K by Mid-April

This was bullish in itself, Glassnode founders Yann Allemann and Jan Happel said on Twitter this weekend, given that the historically sustained upward trend has been driven by spot demand.

The derivatives themselves did not provide cause for concern, however, such as Financing rates It remained neutral to negative despite the advance towards the top of the bitcoin trading range.