Bitcoin eyes highest weekly close since early February as BTC price hovers under $42K

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Bit­coin (BTC) stayed the near top of its recent trad­ing range on March 20 as the week­ly close looked set to crack a mul­ti-week high.

BTC/USD 1‑hour can­dle chart (Bit­stamp). Source: TradingView

Weekly close could set 4‑week high

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView showed BTC/USD maneu­ver­ing around the upper $41,000 zone Sunday.

Fri­day’s late surge had broad­ly held, and Sat­ur­day saw a return of $42,400 on Bit­stamp, match­ing the high from the start of March.

Now, the week­ly chart looked set to deliv­er Bit­coin’s best week­ly close since ear­ly February.

BTC/USD 1‑week can­dle chart (Bit­stamp). Source: TradingView

“This could change any­time, but frankly the Bit­coin price chart cur­rent­ly looks bet­ter than it has for quite a while now,” ana­lyst Lyn Alden sum­ma­rized at the end of last week.

Pre­vi­ous takes had cau­tioned about a real shift occur­ring in BTC price action, with pop­u­lar trad­er Pen­toshi warn­ing that a poten­tial uptick would like­ly not last and ulti­mate­ly become the pre­cur­sor to new lows.

Fel­low Twit­ter ana­lyst Cred­i­ble Cryp­to mean­while pre­sent­ed two like­ly tra­jec­to­ries for BTC/USD based on dai­ly demand hold­ing the mar­ket at a spe­cif­ic price.

One option involved a break of $42,500 fol­lowed by $45,000, while its bear­ish coun­ter­part deliv­ered a bot­tom tar­get of $29,000-$32,000.

On longer time­frames, how­ev­er, con­fi­dence was palpable.

“As long as price con­tin­ues to close above 34k on the W3 time­frame, this hid­den bull­ish div is like­ly to play out and send us to new ATH,” Cred­i­ble Cryp­to added in anoth­er update Sunday.

Stocks stage a last-minute bounceback

Gear­ing up for anoth­er macro week, mar­kets were look alto­geth­er stronger despite the head­winds fac­ing Europe and the Unit­ed States in particular.

Relat­ed: Bit­coin faces new ‘mile­stone’ in 2022 as new fore­cast pre­dicts BTC price ‘in the millions’

Despite the ongo­ing Rus­sia-Ukraine war, Euro­pean stocks recov­ered Fri­day, some­thing which mar­kets com­men­ta­tor Hol­ger Zschaepitz described as “total­ly crazy.”

“Euro­pean stocks have now ful­ly recov­ered from the shock of Russia’s inva­sion of Ukraine,” he noted. 

“Stoxx 600 dropped 10.6% from before inva­sion on Feb24th to the low point on Mar7. It is now right back where it start­ed, after the biggest week­ly ral­ly since Nov 2020.”

Should unlike­ly opti­mism endure, Bit­coin could prof­it as its cor­re­la­tion with equi­ties per­for­mance persists.



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