Bitcoin (BTC) 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?
In what was a week of more surprises from the macro economy, 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 so far, 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 a what has been a volatile month.
Countdown to Bitcoin price monthly close
Bitcoin managed to close out the week with a modest flourish, returning to the $28,000 mark, data from Cointelegraph Markets Pro and TradingView shows.
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 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.
“If we drop we get a new wave of buying demand that should push us higher. Only way we go up from here is big news in the markets or another squeeze.”
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.
“Technicals are showing some short-term weakness & it could be that a catalyst will soon appear to play that weakness out.”
Over the weekend, Rekt Capital had flagged that price point as a key area to watch, while remaining upbeat about the longer-term trend.
BTC/USD, he forecast, will “confirm” a breakout…
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