Bitcoin Eyes Weekly Close Above $70,000 as Buyers Reclaim 200-Week Trend Line

Bitcoin inched higher on Sunday as bulls pushed for a weekly close above $70,000, reclaiming the 200-week exponential moving average and holding above the old 2021 highs at $68,300 and $69,400. Out-of-hours action topped out just below $72,000 before cooling, and BTC was in line for its seventh consecutive green daily candle, eyeing its highest daily close since March 4.

Crypto trader Michaël van de Poppe said the recent correction on Friday was essentially just risk-off appetite to not be having positions going into the weekend, and that markets were turning back upwards. He added a slight pullback could occur to close the CME gap, but otherwise he expected a grind toward resistances in the $75,000–$80,000 area, and he correctly forecast that price would revisit the CME futures closing level of $71,325.

Macro and geopolitical risks continued to shape sentiment, with WTI crude ending the week attempting to retake $100 per barrel amid a global oil supply shock.

bitcoin, btc, bitcoin 70k, 200-week trend, 2021 highs, cme gap, cme futures, weekly close, green candle, wti crude