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Cryptocurrency News Articles
Bitcoin Gets Yet Another Bullish Signal as Prices Near $70K
Oct 21, 2024 at 11:04 am
A widely-tracked momentum indicator has flipped positive for the first time since April.
Bitcoin Price Analysis: Another Bullish Signal Emerges as Prices Approach $70K Zone
A key momentum indicator has turned positive for the first time since April, suggesting further upside potential for bitcoin.
A bitcoin indicator that signaled seller exhaustion in early September has now flipped bullish, strengthening the case for a move above the $70,000 zone.
Bitcoin Moving Average Convergence Divergence (MACD) Histogram Turns Positive on the Weekly Chart
The moving average convergence divergence (MACD) histogram, a technical analysis indicator used to measure trend strength and changes, has flipped positive on the weekly chart for the first time since April, as observed on the TradingView chart platform. This indicates a renewed upward shift in momentum, suggesting a bullish resolution to bitcoin's extended period of back and forth trading between $50,000 and $70,000.
This positive technical development aligns with the broader consensus that the Fed's pivot toward rate cuts, the increasing likelihood of pro-crypto Republican candidate Donald Trump winning the Nov. 5 U.S. election, and the weakness in the anti-risk Japanese yen are all setting the stage for bitcoin to potentially reach at least $100,000 by the end of December.
The MACD is calculated by subtracting bitcoin's average price over the past 26 periods (weeks in this case) from the average over the past 12 weeks. The signal line is then calculated as a nine-week average of the MACD, and the difference between the MACD and signal lines is plotted as a histogram.
This indicator is widely followed by traders and analysts, and its movements in relation to bitcoin's price in the first half of September signaled the exhaustion of the downtrend.
Bitcoin has risen almost 30% since hitting lows below $53,000 in early September. The leading cryptocurrency by market capitalization reached $69,500 during Monday's Asian trading hours.
The latest bullish signal from the MACD follows a similar flash from the "line break chart" last week, indicating that bulls may finally succeed in establishing a foothold above the $70,000 mark, having failed to do so multiple times since the first quarter.
A similar MACD bull cross occurred in October last year as bitcoin moved past the long-standing $30,000 resistance, eventually reaching a record high of over $73,000 in March this year. The bull cross observed in late 2022 marked the bottom of the bear market.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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