Bitcoin tickers down $28,064 approached a key weekly close on March 19, with traders concerned about a retest of lower levels.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $27,000 on Bitstamp.
After briefly tapping $28,000 into the weekend, a slow comedown through out-of-hours trading denied bulls a squeeze higher. This led market participants to weigh the likelihood of Bitcoin returning to test support.
“Holding my long position while we are above $25,500, but ultimately we lost $27,000 support so we are likely to come down and test around $26,100,” popular trader Crypto Tony told Twitter followers.
Read more: Bitcoin jumps to highest since June as rally gathers pace
Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic about the short-term outlook, even as BTC/USD drifted lower over the weekend.
“Are we staying above $26,800? Answer is clear; yes. This means, trend will continue to last until $26,800 is lost. Looking for a final sweep into $28,300-28,900 and then reversal,“ part of the analysis on March 18 stated.
A subsequent post on the day nonetheless underscored the importance of nearby support just $300 below the current spot price.
“$26,800 is crucial for Bitcoin,“ Van de Poppe summarized.
