Bitcoin zeroes in on the weekly close with unusual weekend strength as BTC price support hinges on $69,000 holding.
Bitcoin is "well positioned" for a strong weekly close, but not everyone is trusting of traditionally unreliable weekend BTC price action.With the close now just hours away, traders evoked similar weekend scenarios, hoping that upside would continue into the new week.
“Not your typical weekend, as price has mostly grinded up the entire weekend instead of just hovering at the same level,” popular trader Daan Crypto Trades “We've seen this kind of price action a few times during our initial move to 70K+. Often saw a quick wick after futures re-open, back into up only.”For Michaël van de Poppe, founder and CEO of trading firm MNTrading, the area immediately above $69,000, in which BTC/USD was acting at the time of writing, was “crucial.”
An accompanying chart nonetheless noted the ongoing existence of a bearish divergence, heightening the odds of a BTC price rejection at $72,000.Updating his BTC/USD view, popular trader and analyst Rekt Capital meanwhile agreed that the pair was capable of a strong finish to the week.
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