Bitcoin Shows Signs of Recovery, Climbing 2.5% from Lows Despite Potential ‘Bearish Engulfing’ Pattern on Weekly Chart

Bitcoin Price Analysis: BTC Risks Weekly Close with “Horrendous Bearish Engulfing”

Bitcoin (BTC) saw a downward trend and is currently priced at $27,689, seeking to regain lost ground on April 23, as ten-day lows remained in place. However, a “horrendous bearish engulfing” looms over the weekly close, according to Bitcoin price analysts.

Bitcoin’s Price Targets

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose to circle $27,700. Up around 2.5% from the lows set the day prior, the pair remained on traders’ radar as a potential short opportunity into the weekly close.

“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on the day.

Analyst Mark Cullen eyed the potential for BTC/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close. “Lots of bids sitting at 26.5k, but not sure they get tapped just yet,” he added in accompanying commentary, offering a similar logical target to Crypto Tony.

A further Twitter post noted increased spot market selling on the largest exchange Binance, potentially adding downside pressure in an otherwise less liquid weekend trading environment.

Bullish Trend for 2023

Market participants appeared to share consensus over BTC price action, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023.

Among them was Michaël van de Poppe, founder and CEO of trading firm Eight, who shared the popular downside targets. The weekly chart, he added, was still on track to print a higher low (HL), thus preserving the uptrend. “I don’t see the entire bearish perspective,” he argued.

Popular trader CryptoBullet sounded more nervous, even while acknowledging that a weekly candle eclipsing a full month’s progress would not necessarily spell the end for the bull run.

Conclusion

Overall, Bitcoin’s price remains under pressure and is expected to hit the $26,600 level, marking a new bottom for Bitcoin. However, Bitcoin’s bullish trend for 2023 is still intact, and it is expected to continue its uptrend once it breaks back above $27,800.

Summary of Bitcoin Price Analysis

• Bitcoin (BTC) saw a downward trend and is currently priced at $27,689
• Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose to circle $27,700
• Analyst Mark Cullen eyed the potential for BTC/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close
• Market participants appeared to share consensus over BTC price action, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023
• Popular trader CryptoBullet sounded more nervous, even while acknowledging that a weekly candle eclipsing a full month’s progress would not necessarily spell the end for the bull run