Bitcoin is on track for its highest weekly close in 2022

Bitcoin (Bitcoin) saw a fresh surge to near $45,000 overnight to March 27, when the weekend was set to bring a decisively bullish close.

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

Weekend closing of central importance

Data from Cointelegraph Markets Pro and trading view showed BTC/USD bouncing back to higher levels observed days earlier after a rejection just over the $45,000 mark.

Although the pair was still within its extended trading range, capped at $46,000, the pair was still firmly on the radar of long-term traders as the weekly close neared what could likely be Bitcoin’s highest level so far this year.

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

Popular trader and analyst Rekt Capital added that Bitcoin’s 21-week exponential moving average (EMA) also stands as resistance for a reversal — something that has served bulls well in 2021.

However, some were not convinced of the strength of the current levels. Among them was fellow trader and analyst Crypto Ed, who warned that buying into the long-term resistance near the $46,000 annual open makes little sense from a risk-reward standpoint.

As Cointelegraph reportedothers had already argued that a more significant trend breakout was needed for bitcoin to turn bullish and take long positions overall.

Spot demand calms market observers

Meanwhile, an on-chain research revealed that spot markets, not derivatives, have been at the top for the past week.

Related: ProShares ETF’s Bitcoin supply hits $1.27 billion while BTC expects $50,000 by mid-April

That’s inherently optimistic, Glassnode co-founders Yann Allemann and Jan Happel argued on Twitter this weekend, given that spot demand has historically driven sustained upsides.

Derivatives themselves, however, gave little cause for concern, since subsidy rates remained neutral to negative despite pushing towards the top of Bitcoin’s trading range.