{"id":11635,"date":"2023-04-23T11:05:58","date_gmt":"2023-04-23T11:05:58","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11635"},"modified":"2023-04-23T11:05:59","modified_gmt":"2023-04-23T11:05:59","slug":"bitcoin-price-crawls-2-5-off-lows-as-weekly-chart-risks-bearish-engulfing","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11635","title":{"rendered":"Bitcoin price crawls 2.5% off lows as weekly chart risks &#8216;bearish engulfing&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) sought to snatch back lost ground on April 23 as ten-day lows remained in place.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>$26,600 becomes popular BTC price target<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it rose to circle $27,700 at the time of writing.<\/p>\n<p>Up around 2.5% from the lows set the day prior, the pair remained on traders\u2019 radar as a potential short opportunity into the weekly close.<\/p>\n<p>\u201c$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,\u201d Crypto Tony confirmed to Twitter followers on the day. <\/p>\n<p>\u201cIt is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.\u201d<em>BTC\/USD annotated chart. Source: Crypto T\/Twitter<\/em><\/p>\n<p>That target would mark a new bottom for Bitcoin, which lost 10% over the week to turn April performance negative overall.<\/p>\n<p>Analyst Mark Cullen eyed the potential for BTC\/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close.<\/p>\n<p>\u201cLots of bids sitting at 26.5k, but not sure they get tapped just yet,\u201d he added in accompanying commentary, offering a similar logical target to Crypto Tony.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Mark Cullen\/Twitter<\/em><\/p>\n<p>A further Twitter post noted increased spot market selling on largest exchange Binance, this potentially adding downside pressure in an otherwise less liquid weekend trading environment.<\/p>\n<p lang=\"en\" dir=\"ltr\">GM #Crypto!<\/p>\n<p>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<\/p>\n<p>\u2014 AlphaBTC (@mark_cullen) April 23, 2023<\/p>\n<h2>&#8220;Horrendous bearish engulfing&#8221; looms<\/h2>\n<p>Market participants appeared to share consensus over BTC price action more broadly, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023.<\/p>\n<p><strong><em>Related:\u00a0Forget BTC price: The Bitcoin mining boom is quietly going parabolic<\/em><\/strong><\/p>\n<p>Among them was Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, who likewise shared the popular downside targets.<\/p>\n<p>The weekly chart, he added, was still on track to print a higher low (HL), thus preserving the uptrend.<\/p>\n<p>\u201cI don&#8217;t see the entire bearish perspective,\u201d he argued. <\/p>\n<p>\u201cWeekly timeframe we&#8217;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.\u201d<em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>Popular trader CryptoBullet sounded more nervous \u2014 even while acknowledging that a weekly candle eclipsing a full month\u2019s progress would not necessarily spell the end for the bull run.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin $BTC 1W<\/p>\n<p>Even if we close the weekly candle as a horrendous Bearish Engulfing, it\u2019s not over yet<\/p>\n<p>Let me remind you what we had back in 2019 during the same Echo Bubble rally:<\/p>\n<p>1 &#8211; Bear Market Low<br \/>2 &#8211; First Bounce<br \/>3 &#8211; Higher Low<br \/>4 &#8211; Weeks of sideways consolidation after\u2026 pic.twitter.com\/MI4yYTAKBe<\/p>\n<p>\u2014 CryptoBullet (@CryptoBullet1) April 22, 2023<\/p>\n<p><strong><em>Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-crawls-2-5-off-lows-as-weekly-chart-risks-bearish-engulfing\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) sought to snatch back lost ground on April 23 as ten-day lows remained in place. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView $26,600 becomes popular BTC price target Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it rose to circle $27,700 at the time of writing. Up around 2.5% from the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11635"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11635\/revisions"}],"predecessor-version":[{"id":11637,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11635\/revisions\/11637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11636"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}