{"id":2930,"date":"2022-03-28T01:36:06","date_gmt":"2022-03-28T01:36:06","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2930"},"modified":"2022-03-28T01:36:06","modified_gmt":"2022-03-28T01:36:06","slug":"bitcoin-on-track-to-see-its-highest-weekly-close-of-2022","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2930","title":{"rendered":"Bitcoin on track to see its highest weekly close of 2022"},"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) saw a fresh spike to near $45,000 overnight into March 27 as the weekend looked set to deliver a decisively bullish close.\u00a0<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Weekly close of key importance<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD grinding back to higher levels seen days previously after a rejection at just above the $45,000 mark.<\/p>\n<p>While still within its extended trading range with $46,000 as its ceiling, the pair was still firmly on the radar of long-term traders as the weekly close drew near, this being apt to be Bitcoin&#8217;s highest of the year so far.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>Popular trader and analyst Rekt Capital added that Bitcoin&#8217;s 21-week exponential moving average (EMA) was also in line for a flip as resistance \u2014 something which had served bulls well in 2021.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC is positioning itself well for a breakout Weekly Close beyond a key Bull Market EMA (21-week EMA)$BTC #Crypto #Bitcoin pic.twitter.com\/HmmfCkOxiP<\/p>\n<p>\u2014 Rekt Capital (@rektcapital) March 26, 2022<\/p>\n<p>Some were not convinced of the strength of current levels, however. Among them was fellow trader and analyst Crypto Ed, who cautioned that buying into long-term resistance nearly the $46,000 yearly open made little sense in terms of risk\/ reward ratio.<\/p>\n<p lang=\"en\" dir=\"ltr\">Try to convince me, spot buying into resistance right here is a bad idea. <br \/>You won&#8217;t succeed with this kind of R:R. <\/p>\n<p>You might get an entry a bit lower but you might miss also a brutal break out and never get your retest. <\/p>\n<p>Max risk is 1R <br \/>Reward is 4.9R pic.twitter.com\/E7wo0MC0pB<\/p>\n<p>\u2014 Ed_NL (@Crypto_Ed_NL) March 26, 2022<\/p>\n<p>As Cointelegraph reported, others had already argued that a more significant trend breakout was necessary for Bitcoin in order for them to flip overall bullish and take on long positions.<\/p>\n<h2>Spot demand soothes market observers<\/h2>\n<p>Meanwhile, on-chain research revealed that it was spot markets, not derivatives, that were at the helm over the past week.<\/p>\n<p><strong><em>Related:\u00a0ProShares ETF&#8217;s Bitcoin stash hits $1.27B as BTC eyes $50K by mid-April<\/em><\/strong><\/p>\n<p>This was bullish in itself, Glassnode co-founders Yann Allemann and Jan Happel argued on Twitter this weekend, since historically, sustained upside had been driven by spot demand.<\/p>\n<p lang=\"en\" dir=\"ltr\">Looks like the move to $44k was led by spot demand. Every sustained #BTC  bullish move is led by the spot market. pic.twitter.com\/b72KYwZVLr<\/p>\n<p>\u2014  (@Negentropic_) March 26, 2022<\/p>\n<p>Derivatives themselves provided little cause for concern, however, as funding rates stayed neutral to negative despite the advance towards the top of Bitcoin&#8217;s trading range.<\/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-on-track-to-see-its-highest-weekly-close-of-2022\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) saw a fresh spike to near $45,000 overnight into March 27 as the weekend looked set to deliver a decisively bullish close.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Weekly close of key importance Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD grinding back to higher levels seen days previously after a rejection [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2930","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\/2930","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=2930"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2930\/revisions"}],"predecessor-version":[{"id":2932,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2930\/revisions\/2932"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2931"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}