BTC price at $22K? Watch these key levels in the Bitcoin monthly close
Bitcoin (BTC) is back below $28,000 as the countdown to the end of the month keeps everyone on their toes.
200-week trend line among popular BTC price targets
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD falling to a two-day low of $27,533 on March 31.
A modest bounce means the pair is trading around $27,800 at the time of writing as traders flag key support and resistance levels ahead.
For Crypto Tony, the current part of Bitcoin’s trading range is key, as $27,700 forms the equilibrium level (EQ) and key support that bulls should preserve.
“$27,700 is the level (EQ) you need to see this weekend if you’re currently in a healthy long position. Those with me from a while back, we’re not worried unless we lose that range low,” he wrote in part of his final Twitter analysis of the day.
An accompanying chart showed the top, bottom and EQ for BTC/USDT on Binance.
Continuing a popular narrative, Filbfilb, co-founder of trading suite Decentrader, said he believed Bitcoin’s 200-week moving average (WMA) near $25,500 would be the “front run” next.
This will translate to two-week lows, with bulls looking to avoid a support/resistance reversal of the 200WMA – something that happened in mid-2022 and before months of downside.
Considering high time frame (HTF) resistance now just above the spot price, fellow trader Credible Crypto warned followers to stay bullish at nine-month highs.
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“You’re not allowed to get bullish on the highs to major HTF resistance. Now that we’re testing our first actual support level to the downside, you’re allowed to be SLIGHTLY bullish. If we’re going to go to the highs again, we should hold here ,” he began Twitter analytics by saying.
The downside targets come in the form of $22,000-$23,000, with $25,000-$26,000 as a less drastic target if market strength holds.
“The RED region above us is HTF resistance and weekly supply that so far remains untested. It would be logical to test this region before a major correction to 22-23k BTC occurs,” Credibile Crypto continued on an accompanying chart.
“This doesn’t mean it HAS to happen, but if we rally from here and back to the tops, don’t turn mega bullish into resistance again.”
Bitcoin Market Structure Has ‘Shifted’
By concentrating on the monthly close, the analytical account Tedtalksmacro gave a more optimistic angle.
Related: Will BTC Drop the Bear Market? 5 things to know in Bitcoin this week
On longer time frames, he argued, Bitcoin has “really changed” its structure to produce a clean break with the bear market in place since its last all-time high in November 2021.
“Bitcoin is doing its best to advertise to those looking to enter + hold for the next cycle higher. On the weekly chart, it has printed its first higher highs (HH) since November ’21 and first higher lows (HL) since January ’22,” he in summary.
“Traders now have clear invalidity and can cut longs on acceptance back to the sub-24k area. The market structure has really changed.”
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
