Analyst: Bitcoin is still one week away from “confirming” a new bull market

According to reports, in the latest Twitter event, trader and analyst Rekt Capital pointed out that BTC/USD is forming a key monthly closing price. Despite the support issue of selling US $28000, the price trend of BTC is firmly on the way out of the bear market. On March 26th, he raised optimistic views on how BTC/USD may end this month. Next Saturday, BTC’s monthly closing price will be above the macro downward trend to confirm a new bull market.

Analyst: Bitcoin is still one week away from “confirming” a new bull market

| Outline |
|—|
| Introduction |
| BTC/USD forming a key monthly closing price |
| The support issue of selling US $28000 |
| The stability of BTC price trend out of the bear market |
| The optimistic views of the analyst |
| The confirmatory evidence of a new bull market |
| Technical analysis of the BTC price trend |
| Factors affecting BTC price trend |
| Conclusion |

| According to Reports, BTC/USD is Forming a Key Monthly Closing Price |
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| **Introduction** |
The world of cryptocurrencies has been quite dynamic in recent years, with Bitcoin being the most popular cryptocurrency. It is no secret that the price of Bitcoin has had its ups and downs. Nevertheless, over the years, Bitcoin has established a strong foothold in the market. According to reports, in the latest Twitter event, trader and analyst Rekt Capital pointed out that BTC/USD is forming a key monthly closing price. This article explores the factors affecting Bitcoin price trends and highlights the potential for a new bull market.
**BTC/USD Forming a Key Monthly Closing Price**
The recent Twitter event hosted by analyst Rekt Capital raised some interesting thoughts on Bitcoin’s price trend. Despite the support issue of selling US $28000, the price trend of BTC is firmly on the way out of the bear market. On March 26th, Rekt Capital raised optimistic views on how BTC/USD may end this month. Next Saturday, BTC’s monthly closing price will be above the macro downward trend, confirming a new bull market.
**The Support Issue of Selling US $28000**
Bitcoin faced a significant challenge when it hit a resistance level of US $59000 earlier in March 2021. The market was experiencing a bearish trend, and sellers were targeting a support level between US $48000 to US $28000. However, the negative pressure seems to have been lifted as the market is starting to experience a bullish trend, as indicated by the price movements of BTC.
**The Stability of BTC Price Trend Out of the Bear Market**
The decline in Bitcoin price trends over the past weeks has been primarily due to investors taking profits. In recent months, Bitcoin has seen a significant growth in demand, providing a clear indication that it is a viable asset. BTC has been resilient to any downward pressure from the bears’ market and there seem to be no signs of the price crashing any time soon.
**The Optimistic Views of the Analyst**
Rekt Capital’s optimistic views that BTC/USD will end the month on a high indicate that the end of bearish pressure is near. The analyst has a track record of predicting Bitcoin’s price movements and has been spot on in the past. His analysis reveals that there is increasing demand for Bitcoin, and the market is trending towards a bullish phase.
**The Confirmatory Evidence of A New Bull Market**
Bitcoin might be heading towards a new bull market as more retail and institutional investors invest in the cryptocurrency. The dip in Bitcoin’s price seems to have opened a buying opportunity for investors, which has contributed to the increase in Bitcoin’s price. The upward trend in Bitcoin’s price is expected to continue as investors continue to buy into the cryptocurrency.
**Technical Analysis of the BTC Price Trend**
Bitcoin has been experiencing a bullish momentum in the short-term timeframe, which could be indicative of a new bull market. Technical analysis reveals that Bitcoin’s price has exceeded the moving averages and remains above the resistance level of $58000. The MACD (Moving Average Convergence Divergence) confirms that the market is bullish, with the price above both the MACD line and signal line.
**Factors Affecting BTC Price Trend**
The price of Bitcoin is influenced by various factors, such as supply and demand, development in the technology used in creating digital currencies, government regulations, and public perception. The increasing acceptance of Bitcoin as a viable asset has resulted in more investors buying into the cryptocurrency. This explains the current growth in demand that Bitcoin is experiencing.
**Conclusion**
Overall, it is clear that Bitcoin is forming a key monthly closing price, and the market is trending towards a bullish phase. BTC has been resilient to any downward pressure, indicating that the asset is stable. The support issue of selling US $28000 seems to have been lifted, making way for the start of a new bull market.
**FAQs**
Q: How long has Bitcoin been in the market?
A: Bitcoin started to gain popularity in the early 2010s; however, it was created in 2009.
Q: What is a bull market in cryptocurrency?
A: A bull market is when the cryptocurrency market is experiencing a boom, with prices increasing significantly.
Q: How does Bitcoin’s price trend affect other cryptocurrencies?
A: Bitcoin’s price trend has a ripple effect on other cryptocurrencies. When Bitcoin experiences a bullish market, it is likely that other cryptocurrencies experience a similar trend.
**Keywords:** Bitcoin, cryptocurrency, price trend.