Will BTC ditch the bear market? 5 things to know in Bitcoin this week

Date: 2023-03-27 18:00:17
Will BTC ditch the bear market? 5 things to know in Bitcoin this week
enters the last week of March in uncertain territory as a strong weekly close still keeps $30,000 out of reach.The largest cryptocurrency has sealed seven days of practically flat performance despite some volatility in between as the market seeks fresh direction. Where could it go next?This meant that BTC/USD stayed practically unmoved versus the weekend prior, delivering some impressive stability despite the periods of volatility which occurred in the intervening period.Nonetheless, concerns are brewing that the market may struggle to preserve current levels.In a fresh analysis on March 27, popular Twitter account IncomeSharks flagged on-balance volume (OBV) as a telltale sign of decreasing momentum.“Just hard to ignore the weak OBV at resistance, price at resistance, and the lack of demand at these prices,” it commented alongside a chart.In what was a week of more surprises from the macroeconomy, BTC/USD spent much time reacting to decisions from the United States Federal Reserve and associated commentary.Next up, however, is a period of relative calm, followed by a key monthly close, which analysis says could see the start of a new bullish trend.Bitcoin is currently up 20% for March, meaning that the coming days will decide the strength of the ongoing recovery from multi-year lows.Cointelegraph takes a look at five key topics to bear in mind during the final week of what has been a volatile month.Trader and analyst Rekt Capital agreed that a retracement would be “healthy” for Bitcoin should it enter.“If BTC continues to struggle to break beyond $28,700 then a healthy dip may need to occur to gain fresh buyer interest at lower levels,” he tweeted on the day.Over the weekend, Rekt Capital had flagged that price point as a critical area to watch while remaining upbeat about the longer-term trend.BTC/USD, he forecast, will “confirm” a breakout from its bear market at the end of March, provided the monthly close preserves the 200-week moving average (WMA) as support.The 200WMA currently stands at around $25,500, giving bulls room for a modest dip.

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