Bitcoin (BTC) enters the last week of March with a strong weekly close that is keeping $30,000 out of reach. BTC/USD has sealed seven days of flat performance despite volatility, as it seeks a new direction. This is a week of relative calm, followed by a key monthly close that could mark the start of a new bullish trend. Bitcoin is up 20% for March, and this week will decide the strength of its ongoing recovery from multi-year lows.
Traders are paying attention to on-balance volume (OBV) as a telltale sign of decreasing momentum, flagging it as a concern that the market may struggle to preserve current levels. Trader and analyst Rekt Capital said a retracement would be “healthy” for Bitcoin if it enters. BTC/USD will “confirm” a breakout from its bear market if the monthly close preserves the 200-week moving average as support. The 200WMA stands at around $25,500, giving bulls room for a modest dip.
