Bitcoin Moving to Its Best Weekly Closing Since February

Bitcoin Moving to Its Best Weekly Closing Since February

Bitcoin price movement is trending up on higher timeframes, while equities are also trending higher on Friday. On March 20, Bitcoin (BTC) remained towards the top of its current trading range, with the weekly finish poised to break a multi-week high. BTC/USD traded over $41,000 on Sunday, according to data Markets Pro and TradingView. The late spike on Friday had mostly steady; Bitstamp witnessed a return of $42,400 on Saturday, matching the peak from the beginning of March.

The weekly chart now appeared to be on the verge of delivering Bitcoin’s highest weekly closing since early February. “This might change at any time, but the Bitcoin price chart now looks better than it has in a long time,” said analyst Lyn Alden towards the end of last week.

Predictions on BTC Movements

Previous analyses have warned of a serious shift in BTC price movement; popular trader Pentoshi predicted that any upswing would likely not persist and eventually lead to new lows. Meanwhile, fellow Twitter analyst Credible Crypto provided two possible BTC/USD trajectories based on daily demand keeping the market at a certain price.

A breach of $42,500 followed by $45,000 was one option, while the bearish counterpart had a bottom target of $29,000-$32,000. Confidence, on the other hand, was felt for extended periods. “This hidden bullish div is likely to play out and push us to new ATH as long as price continues to close above 34k on the W3 period,” Credible Crypto noted in its report Sunday.

Despite the difficulties confronting Europe and the United States, markets were looking brighter as the macro week began. Despite the ongoing Russia-Ukraine conflict, European equities rose on Friday, which market analyst Holger Zschaepitz called “absolutely insane.”

He remarked that “European markets have largely recovered from the shock of Russia’s invasion of Ukraine.”

“From before the invasion on February 24 to the low point on March 7, the Stoxx 600 fell 10.6%. After the largest weekly surge since November 2020, it’s exactly back where it started.” Bitcoin might benefit from the stock market’s success if the unusual optimism holds.