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.