Bitcoin (BTC) saw a fresh spike to near $45,000 overnight into March 27 as the weekend looked set to deliver a decisively bullish close.
Weekly close of key importance
While still within its extended trading range with $46,000 as its ceiling, the pair was still firmly on the radar of long-term traders as the weekly close drew near, this being apt to be Bitcoin‘s highest of the year so far.
Popular trader and analyst Rekt Capital added that Bitcoin‘s 21-week exponential moving average (EMA) was also in line for a flip as resistance — something which had served bulls well in 2021.
Some were not convinced of the strength of current levels, however. Among them was fellow trader and analyst Crypto Ed, who cautioned that buying into long-term resistance nearly the $46,000 yearly open made little sense in terms of risk/ reward ratio.