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Seven-day gains nearing 9% have put BTC price action firmly ahead of every other week so far this year.
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.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD grinding back to higher levels seen days previously after a rejection at just above the $45,000 mark.
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 a 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.
As Cointelegraph reported, others had already argued that a more significant trend breakout was necessary for Bitcoin in order for them to flip overall bullish and take on long positions.
Meanwhile, on-chain research revealed that it was spot markets, not derivatives, that were at the helm over the past week.
This was bullish in itself, Glassnode co-founders Yann Allemann and Jan Happel argued on Twitter this weekend since historically, sustained upside had been driven by spot demand.
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Derivatives themselves provided little cause for concern, however, as funding rates stayed neutral to negative despite the advance towards the top of Bitcoin's trading range. - Cointelegraph
