Bitcoin (BTC) still has a few days before starting a new macro uptrend, according to the latest analysis. In his latest tweet, popular trader and analyst Rekt Capital noted that BTC/USD is forming a key monthly close.
BTC price action is firmly on the path to abandoning the bear market, despite the problem of selling off the $28,000 support. That’s according to Rekt Capital, who on March 26 offered an optimistic view on how BTC/USD might end the month.
The pair's recent advance puts it above a macro downtrend from its all-time high in 2021, but a March close would be the first potential candlestick to complete above that trendline on the monthly time frame. “Next Saturday, the BTC monthly candle will close above the macro downtrend to confirm a new bull market,” Rekt Capital commented.
The accompanying chart compares price action in 2023 to that of previous cycles and suggests that Bitcoin is now breaking out to new all-time highs after setting bear market lows. If so, the cycle low will come in November 2022, right after the FTX crash, when BTC/USD hit $15,600. Another post reiterated that the current monthly candlestick fits Bitcoin’s historical pattern in terms of macro downtrend breakouts.
Meanwhile, bitcoin spot price action continues to keep market participants guessing as the weekend draws to a close. Mostly flat trading action was little changed, with the first notable event in days being a break above $28,000. However, at the time of writing, BTC/USD has returned below that level, as shown by data from Cointelegraph Markets Pro and TradingView.
Popular analytics account Skew argues that trading behavior is characteristic of the weekend, with lower overall liquidity more likely to affect spot prices. When analyzing potential scenarios, trader Crypto Chase highlighted $28,600 as a breakout level, while on the upside, $33,000 is considered a point for a "major reversal."
