On April 23, as ten-day lows held steady, Bitcoin (BTC) tried to regain lost territory.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$26,600 becomes popular BTC price target
BTC/USD was tracked by data from Cointelegraph Markets Pro and TradingView as it increased to approximately $27,700 at the time of writing.
The pair was still on traders’ radar as a potential short opportunity entering the weekly close, up about 2.5% from the lows established the day before.
“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on the day.
“It is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.”
BTC/USD annotated chart. Source: Crypto T/Twitter
For Bitcoin, which lost 10% over the course of the week and turned April’s performance in general negative, that aim would signify a new low.
Before the weekly close, analyst Mark Cullen anticipated that BTC/USD might approach the $27,310 closing price of the April 21 CME futures.
Similar to Crypto Tony, he added in the accompanying commentary, “Lots of bids sitting at 26.5k, but not sure they get tapped just yet.”
BTC/USD annotated chart. Source: Mark Cullen/Twitter
An further tweet reported more spot market selling on Binance, the largest exchange, which may have added downside pressure to the weekend’s less liquid trading environment.
GM #Crypto!
Looks like the @binance spot selling is still trying to push price lower. They took a break as markets closed on Friday, but the algos seem to be kicking back in. pic.twitter.com/VQCROCYOnU
— AlphaBTC (@mark_cullen) April 23, 2023
Horrendous bearish engulfing looms
The general agreement among market participants regarding BTC price movement is that short-term bearish movements are not yet likely to alter the overall bullish trend for 2023.
Michal van de Poppe, the founder and CEO of the trading firm Eight, was one of them and he also shared the well-known negative targets.
He continued that the weekly chart was still on pace to maintain the uptrend by printing a higher low (HL).
He argued, “I don’t see the complete bearish perspective.
“Weekly timeframe we’re seeking for a HL, which seems as a possible case around $26,500-27,000 (perhaps $25,000). Breaking back above $27,800 is probably a strong upwards reaction to $29,000 for Bitcoin and continuation of the uptrend.”
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Although though he acknowledged that a weekly candle exceeding a full month’s development would not definitely mean the end of the bull run, well-known trader CryptoBullet sounded more uneasy.
#Bitcoin $BTC 1W
Even if we close the weekly candle as a horrendous Bearish Engulfing, it’s not over yet
Let me remind you what we had back in 2019 during the same Echo Bubble rally:
1 – Bear Market Low
2 – First Bounce
3 – Higher Low
4 – Weeks of sideways consolidation after… pic.twitter.com/MI4yYTAKBe— CryptoBullet (@CryptoBullet1) April 22, 2023
There are no recommendations or investment advice in this post. Every trading and investment decision carries risk, so readers should do their own research before choosing.
