Bitcoin Nears All-Time Highs

Bitcoins and its all-time high chart

Bitcoin is trading around its all-time highs as we reach the final week of March. The drop from the all-time high of $74,000 reached 17% at one point, which, although still moderated by bull market correction norms, has alarmed many. When paired with the growth in mining difficulties, the traditional characteristics of a bullish trend become obvious. Beyond Bitcoin, several traditional macroeconomic factors might result in a more turbulent phase for risky assets.

What’s Happening on the Bitcoin Front?

Unlike prior periods, this weekend has mostly been a success story for Bitcoin bulls. According to TradingView statistics, Bitcoin’s price on major exchanges closed the week slightly around $67,200, reflecting a gradual climb.

Although it was $1,200 lower than the previous one, the BTC/USD pair has recovered the majority of its recent losses after touching local lows around $61,000 on March 20th. Mark Cullen, a famous analyst, is now watching for a downward gap in the CME futures markets.

When upward or downward gaps form over the weekend, they generate a common price attraction, and the BTC/USD pair frequently fills them within days, if not hours, as the new trading week begins.

Prominent Figures Weigh in on Bitcoin

Prior to the Wall Street opening, market players expressed severe worries about the strength of the Bitcoin bull market. Investor JT cited a number of indicators, including the Relative Strength Index (RSI), that indicated overbought circumstances in two-week time frames, implying a trend reversal:

“In conclusion: Bitcoin is overbought in two-week data and needs a close above $69,100 for bulls to regain momentum.”

However, before the weekly close, investor Alan Tardigrade observed a distinct tale in the daily RSI data. He said the measure had broken out of its downward trend for much of March.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.