Bitcoin (BTC) has stayed close to the top of its latest trading area on March 20, as the weekly industry appears to be breaking through to a multi-week high.

Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Weekly closing can lead to 4 weeks high
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD maneuvering around the upper $ 41,000 range on Sunday.

The rally continued late Friday on a large scale, with revenue of $ 42,400 returning to Bitstamp on Saturday, the highest level since early March.

Now it seems that the weekly chart is ready to show the best weekly closing of Bitcoin since the beginning of February.

BTC / USD weekly candlestick chart (bit stamp). Source: Trading View
This can change at any time, analyst Lynn Alden concluded late last week, but honestly, the Bitcoin price chart looks better now than in a long time.

Earlier forecasts warned of a real pull in the BTC price, as the well-known trader Pentoshi warned that the potential rally would not last long and would ultimately be a prelude to new downturns.

Meanwhile, Twitter analyst Credible Crypto presented two possible paths for BTC / USD based on daily demand that keep the market at a certain price.

One option included a breakout of $ 42,500 followed by $ 45,000 while its bearish counterparty reached a low target between $ 29,000 and $ 32,000.

But over the longer time frame, trust was evident.

Credible Crypto added in another update on Sunday: “As long as the price continues to close above 34K on the W3 timeframe, this hidden trend is likely to trade and send us to the new ATH.”

Shares returned at the last minute
The markets generally looked stronger ahead of another macro week, despite the headwinds against Europe and the United States in particular.

Related: Bitcoin will meet a new “milestone” in 2022 as new forecasts predict the BTC price in millions

Despite the ongoing Russian-Ukrainian war, European stocks rose on Friday in what market watchdog Holger Schapitz called “complete madness.”

“European stocks have now fully recovered from the shock caused by the Russian invasion of Ukraine,” he said.

Stoxx 600 fell 10.6% from the pre-invasion period on 24 February to its lowest level on 7 March. It is now back where it started after the largest weekly increase since November 2020. “

Source: CoinTelegraph