Bitcoin (BTC<\/a>) has a matter of days to go before beginning a new macro uptrend, the latest analysis says.<\/p>\n In his latest Twitter activity<\/a>, popular trader and analyst Rekt Capital flagged a key monthly close in the making for BTC\/USD.<\/p>\n Despite facing problems<\/a> flipping $28,000 to support, BTC price action is firmly on the way to abandoning its bear market.<\/p>\n That is according to Rekt Capital, who on March 26 presented an optimistic picture of how BTC\/USD would likely finish the month.<\/p>\n The pair’s recent gains have put it above a macro downtrend in place since its 2021 all-time highs, but the March close would be the first potential candle to complete above that trend line on monthly timeframes.<\/p>\n “Next Saturday, the BTC Monthly Candle will have closed above the Macro Downtrend to confirm a new Bull Market,” Rekt Capital commented.<\/p>\n Related:\u00a0Best and worst countries for crypto taxes \u2014 plus crypto tax tips<\/a><\/em><\/strong><\/p>\n An accompanying chart compared 2023 price behavior to that of previous cycles, and implied that Bitcoin is now breaking out towards new all-time highs after setting a bear market low. <\/p>\n Should that be the case, the cycle low would have occurred in November 2022, just after the FTX debacle, when BTC\/USD hit $15,600<\/a>.<\/p>\n A further post reiterated that the current monthly candle fits Bitcoin’s historical patterns when it comes to breakouts from macro downtrends.<\/p>\n Notice how #BTC<\/a> Macro Downtrend Breakout Candles have historically had upside wicks form (yellow circles)<\/p>\n This current Monthly breakout candle looks no different$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/HSzaaXHGfe<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) March 25, 2023<\/a><\/p><\/blockquote>\n Bitcoin spot price action meanwhile continues to keep market participants guessing as the weekend comes to an end.<\/p>\n Related:\u00a0Bitcoin bulls remain bullish, but macro and crypto-specific hurdles have BTC pinned below $30K<\/a><\/em><\/strong><\/p>\n Mostly flat trading behavior has seen little by way of change, with a push over $28,000 the first notable event in several days. At the time of writing, however, BTC\/USD was back below that level, as shown by data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>.<\/p>\n Popular analytics account Skew argued that exchange behavior was characteristic of weekends, with overall lower liquidity apt to move spot price more easily.<\/p>\n $BTC<\/a> Spot CVD Buckets & Delta Orders Sunday shenanigans, GN CT ❤️ pic.twitter.com\/4MFz6qSAYf<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) March 26, 2023<\/a><\/p><\/blockquote>\n Analyzing potential scenarios, trader Crypto Chase highlighted<\/a> $28,600 as the breaker level, while to the upside $33,000 was tipped as the point at which a “major reversal” would take place.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\nBTC price action closely mimics past cycles<\/h2>\n
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No flipping $28,000 as weekly close approaches<\/h2>\n
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MMs selling pretty heavily here into some large buyer, typically price compresses till either side is out of capital to move price or gives up. <\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/8f279f05-aa97-4542-ac41-6373967b501e.png\")