Bitcoin (BTC) attempted to recover lost ground on April 23 while holding onto 10-day lows.
$26,600 is the target BTC price
BTC/USD rose to nearly $27,700 at the time of writing, up roughly 2.5% from the previous day’s lows, according to Cointelegraph Markets Pro and TradingView data.
The pair remained a potential short opportunity into the weekly close with Crypto Tony confirming on Twitter that “$26,600 is my target in my short position right now.”
“It is the most logical target and we also have bids popped up down there too now, so I am expecting a reaction once tested.”
This target would signify a new low for Bitcoin, which lost 10% over the week, turning its April performance negative overall.
Analyst Mark Cullen believed the potential for BTC/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close, adding that “lots of bids sitting at 26.5k, but not sure they get tapped just yet.”
Meanwhile, there was consensus among market participants that short-term bearish moves were unlikely to change the overall bullish trend for 2023.
Michael van de Poppe, founder and CEO of trading firm Eight, believed that the weekly chart was still on course for a higher low (HL), saying it was a possible case around $26,500-27,000. CryptoBullet, however, was more nervous, but confident that the bearish outlook wouldn’t necessarily mean the end of the bull run.
The content of this article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.