Bitcoin Nears All-Time Highs as Market Sentiments Mix

Bitcoin, enters the final week of March strikingly close to its all-time high levels. The pullback from the all-time high of $74,000 exceeded 17% at one point, which, while still modest by bull market correction standards, has made many uneasy. When combined with the increase in mining difficulties, classic signs of a bullish trend are clearly visible. Beyond Bitcoin, a set of classic macroeconomic triggers could potentially lead to a more volatile period for risk assets.

What’s Happening on the Bitcoin Front?

Contrary to previous periods, this weekend has mostly been a success story for Bitcoin bulls. According to data from TradingView, a slow ascent resulted in Bitcoin’s price closing the week just below $67,200 on central exchanges.

Although this was $1,200 lower than the previous one, the BTC/USD pair has offset most of the recent losses since reaching local lows below $61,000 on March 20th. Now, a downward gap in the CME futures markets is a target to watch for popular analyst Mark Cullen.

When they emerge over the weekend, upward or downward gaps create a common price attraction, and the BTC/USD pair often fills them within days or even hours as the new trading week begins. Cullen asked in a section of his article on X whether the CME gap would fill within the next 24 hours and included a chart highlighting the areas he identified as points of interest.

Prominent Figures Weigh in on Bitcoin

Looking at market participants’ opinions before the Wall Street opening, there are strong reservations about the strength of the Bitcoin bull market. Investor JT pointed out a series of indicators, including the Relative Strength Index (RSI), which signaled overbought conditions in two-week time frames, calling for a reversal of the trend:

“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 saw a different narrative in the daily RSI data. He argued that the metric had broken out of a downtrend for much of March.