Bitcoin Bounces 2.5% as Weekly Chart Faces 'Bearish Engulfing' Risk

Bitcoin's price is down to $27,642 and is attempting to recover lost ground.

Traders are considering a potential short opportunity into the weekly close.

Analysts predict that BTC/USD could approach the April 21 CME futures closing price of $27,310 before the weekly close.

There is consensus among market participants that short-term bearish moves are not likely to change the overall bullish trend for 2023.

Michaël van de Poppe believes that the weekly chart is still on track to print a higher low and preserve the uptrend, with a possible case around $26,500-27,000.

Breaking back above $27,800 could result in a strong upwards reaction to $29,000 for Bitcoin and a continuation of the uptrend.

Although a weekly candle eclipsing a month's progress may be concerning, it would not necessarily spell the end of the bull run.

Is Bitcoin Crashing? Experts Reveal Shocking Truth