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

Bitcoin edged toward an important weekly close above $70,000 that would include a reclaim of an important 200-week trend line.

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.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

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.

BTC/USD one-week chart with 200 EMA. Source: Cointelegraph/TradingView

“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.”BTC/USDT six-hour chart. Source: Michaël van de Poppe/X

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%.

BTC weekly returns (screenshot). Source: CoinGlass