Bitcoin faces highest weekly close since early February as BTC price fluctuates below $42,000

Bitcoin (Bitcoin) remained near the top of its recent trading range on March 20, when the weekly close looked set to crack a multi-week high.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Weekly close could set a 4-week high

Data from Cointelegraph Markets Pro and trading view showed BTC/USD maneuvering around the upper $41,000 zone on Sunday.

Friday’s late surge had largely held, and on Saturday Bitstamp posted a return of $42,400, matching its early March high.

Now, the weekly chart looked set to deliver Bitcoin’s best weekly close since early February.

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

“This could change at any time, but honestly the bitcoin price chart is looking better right now than it has in quite a while,” says analyst Lyn Alden summarized late last week.

Previous takes had warned of a real shift in BTC price action with popular trader Pentoshi warning that a potential uptrend was unlikely to last and would eventually become the precursor to new lows.

Twitter analyst Credible Crypto, meanwhile, presented two likely moves for BTC/USD based on daily demand sustaining the market at a given price.

One option included a break of $42,500 followed by $45,000 while its bearish counterpart provided a lower target of $29,000 to $32,000.

However, confidence was felt over longer periods.

“As long as the price continues to close above 34,000 on the W3 time frame, this hidden bullish div is likely to play out and send us to a new ATH,” Credible Crypto added in another update Sunday.

Stocks rally at the last minute

Markets looked stronger overall in preparation for another macro week, despite headwinds primarily in Europe and the United States.

Related: Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

Despite the ongoing Russia-Ukraine war, European stocks rallied on Friday, market commentator Holger Zschaepitz confirmed described as “totally insane”.

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

“The Stoxx 600 fell 10.6% from pre-invasion February 24th to March 7th bottom. It is now right where it started after the biggest weekly rally since November 2020.”

If the unlikely optimism persists, Bitcoin could benefit Correlation with stock performance consists.