Bitcoin (BTC) launches into the last week of March within striking distance of old all-time highs.
BTC price action is displaying renewed energy as the market consolidates higher — can bulls manage a return to price discovery?
That is the best scenario on the table for the monthly close. Bitcoin’s hardwon comeback contrasts with last week’s grim mood, which witnessed precipitous losses.
The retracement from current all-time highs near $74,000 at one point passed 17%, and while still modest by bull market correction standards, it made many nervous.
This week, the landscape is different — at least so far. A CME gap to the upside has become one to the downside, and investor anticipation of a fresh attack on the highs to come is climbing, not falling.
Combine that with an inbound mining difficulty increase and classic bullish signals are plain to see.
Beyond Bitcoin, a classic set of macroeconomic triggers is waiting in the wings to potentially inject some added volatility into risk assets.
Cointelegraph takes a closer look at these issues and more in the weekly rundown of near-term BTC price catalysts.
BTC price returns to crunch resistance zone
In strong contrast to before, the weekend was mostly a success story for Bitcoin bulls.
BTC/USD 1-week chart. Source: TradingView
A slow grind higher culminated in a weekly close of just under $67,200 on Bitstamp, data from Cointelegraph Markets Pro and TradingView confirms.
While this is in fact $1,200 lower than the last, it canceled out the majority of recent losses, which saw BTC/USD reach local lows of less than $61,000 on March 20.
Now, a gap to the downside on CME futures markets is the target to watch for popular analyst Mark Cullen.
When they appear over a weekend, gaps either up or down form a common price lure, with BTC/USD “filling” them within days or even hours when the new trading week begins.
“Lets see if that CME gap gets filled in the next 24hrs,” Cullen wrote in part of a post on X (formerly Twitter), adding a chart showing what he described as “areas of interest.”
BTC/USD chart. Source: Mark Cullen/X
A look at market participants’ views prior to…
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