Bitcoin (BTC) starts a new week in a precarious position after seeing its most extensive losses since November 2022.
In a major comedown from ten-month highs, BTC/USD lost around 10% before the weekly candle finally closed.
At around $27,600, the culmination of a grim few days for long traders means that BTC/USD is now caught battling for last month’s support.
Market participants are in two minds as to how the situation might play out — some are betting on deeper downside, while others remain confident of retesting those multi-month highs.
Catalysts may come in the form of United States macroeconomic data releases later in the week, while markets are also gearing up for the next Federal Reserve interest rate decision.
With the recent correction taking some of the “greed” out of crypto sentiment, can the shock give way to more sustainable upside or is the bull market over, at least for now?
Cointelegraph takes a look at the data and opinions behind current BTC price action.
BTC price fights for support amid warning of “bigger corrective move”
It was a mercifully nonvolatile weekly close for Bitcoin, which at $27,600 nonetheless finished up $2,700 under its starting position.
This marked its most brutal week since the FTX debacle hit in November last year, Data from Cointelegraph Markets Pro and TradingView shows.
Currently targeting $27,000, BTC/USD now faces a decision — sit near current support, also a focus in March, or break out.
“Spot premium back to the same levels it was at previously while trading at this price range. Funding rates slightly negative across the board. Nothing insane yet,” popular trader Daan Crypto Trades summarized on the day.
Fellow trader Crypto Tony maintained his target of $26,600, while Caleb Franzen, senior market analyst at Cubic Analytics, said that higher levels must return for bulls to gain the upper hand.
“Bitcoin has been unable to break and stay above $27,820 (green range), which is a key level I’ve been sharing,” he explained alongside a chart.
“For short-term momentum to shift in favor of the bulls, I think we need to see price get (and stay) above this range. It continues to act as resistance…”
The latest data from the Binance order book meanwhile showed resistance increasing at $28,000.
According to monitoring resource Material Indicators, this was an attempt to push spot price lower in…
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