Since early February, BTC price has been above $42K, and Bitcoin is on track for its biggest weekly close since

Bitcoin's price behavior is showing signs of improvement over longer timescales, while the stock market rose on Friday as well.

This week's closing price of Bitcoin (BTC) appeared to be on track to break a multi-week high.

bitcoin today
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Weekly close could set 4-week high

Since early February, BTC price has been above $42K, and Bitcoin is on track for its biggest weekly close since.

Bitcoin's price behavior is showing signs of improvement over longer timescales, while the stock market rose on Friday as well.

bitcoin today, BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

This week's closing price of Bitcoin (BTC) appeared to be on track to break a multi-week high.As of late last week, "the Bitcoin price chart now looks better than it has for quite a long now," analyst Lyn Alden said.

Pentoshi, a well-known trader, has previously warned that a possible rise in BTC price movement would not continue and would instead serve as a prelude to new lows.

Credible Crypto, a fellow Twitter analyst, offered two possible BTC/USD price paths based on daily demand keeping the market at a certain price.

The bearish option had a bottom target of $29,000-$32,000, while the bullish option had a break of $42,500 followed by $45,000.

Confidence was obvious, though, over the longer term.

To keep this concealed bullish divergence alive, the price must close above 34k on the W3 period," Credible Crypto said in its report Sunday.

The market rallies at the final minute.

Although Europe and the United States were battling headwinds, markets appeared to be in better shape as they prepared for another major week.

It was "absolutely amazing" that European equities rebounded on Friday despite the ongoing Russia-Ukraine conflict, according to markets pundit Holger Zschaepitz.

After Russia's invasion of Ukraine, "European markets have now totally recovered," he said.

"Since February 24, the Stoxx 600 has fallen 10.6 percent, reaching its lowest position on March 7. After the largest weekly increase since November 2020, it has finally returned to its starting point."

As long as the link between Bitcoin's success and the performance of the stock market exists, Bitcoin might prosper.

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