Bitcoin Gets On Track To See Its Highest Weekly Close Of 2022: Analysis

Bitcoin gets on track to see its highest weekly close of 2022 with the seven-day gains hitting 9% and placing Bitcoin’s price action firmly ahead of every other week so far as we are reading more in today’s latest Bitcoin news.

Bitcoin saw a fresh spike to near $45,000 overnight as the weekend looked set to bring a bullish close. The data from Tradingview shows that the BTC/USD pair is getting back to higher levels seen days before the rejection of $45,000. while still in its extended trading range of $46,000 as the ceiling, the pair was firmly on the radar for the long-term traders with the weekly close getting near which is why this is considered the highest weekly close of BTC this year.

#BTC is positioning itself well for a breakout Weekly Close beyond a key Bull Market EMA (21-week EMA)$BTC #Crypto #Bitcoin pic.twitter.com/HmmfCkOxiP

— Rekt Capital (@rektcapital) March 26, 2022

Trader Rekt Capital added that bitcoin’s 21-week exponential moving average was in line for a resistance as well which is something that served the bulls well a year ago. Some however were not convinced of Bitcoin having such strength at these levels. Among them was another trader Crypto Ed who cautioned that purchasing into long-term resistance nearly $46,000 yearly open made little sense in terms of risk/rewards ratio. Others argued that another breakout was needed for BTC in order to flip the bullish level and take on the long positions.

Looks like the move to $44k was led by spot demand. Every sustained #BTC bullish move is led by the spot market. pic.twitter.com/b72KYwZVLr

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) March 26, 2022

Bitcoin gets on track to see its highest weekly close this year while other on-chain research revealed that it has spot markets and not derivatives that were at the helm of the past week. This was a bullish movement in itself and Glassnode co-founders Yann Allemann and Jan Happel also argued that historically, the sustained upside has always been driven by spot demand. The derivatives provided little cause for concern but with the funding rates staying neutral to negative despite the movement towards the top of the trading range for BTC.

As earlier reported, The biggest Canadian Bitcoin ETF is hitting back-to-back ATH with respect to the holdings as inflows intensified. According to the data from blockchain intelligence platform Glassnode, analyst Jan Wustenfeld revealed that Purpose Bitcoin ETF hits an all-time high with 36K BTC which marks a 24% increase in holdings YTD. The exchange-traded fund concluded with assets under management at 34.07K BTC last week and added another 2K BTC this week.