Several technical indicators for Bitcoin (BTC) flash a breakout above $70,000, as a number of key metrics have flipped on multiple positive signals.
Several technical indicators for Bitcoin (BTC) flash a breakout above $70,000, as a number of key metrics have flipped on multiple positive signals. For the first time since April, the MACD histogram for Bitcoin's weekly charts has flipped positive.
Industry experts have grown increasingly confident about Bitcoin's trajectory, pointing to several favorable factors such as the apparent shift by the Federal Reserve toward possible rate cuts, growing support for cryptocurrency-friendly policies in the upcoming U.S. presidential election, and general weakness in traditional safe-haven assets such as the Japanese yen. Many analysts now project that Bitcoin will rise to $100,000 by the end of the year.
Market watchers also noted that Bitcoin has already had an incredible run, jumping 30% off its September lows of $53,000. It touched $69,500 during Monday's Asian trading session, renewing hope among investors who have seen Bitcoin fluctuate between $50,000 and $70,000 for months.
The MACD indicator, a momentum gauge based on the relation of short-term and long-term moving averages, has historically tended to signal major market movements. Its current reading is similar to that of October 2023 when Bitcoin pierced the resistance at $30,000 and eventually reached an all-time high of over $73,000 this March 2024.
Other positive indicators, like a break of the downward trendline, hint at Bitcoin finally establishing sustained trading above the psychologically important $70,000 level for the first time, a milestone that has repeatedly eluded the cryptocurrency despite many attempts since the beginning of 2024.
That structure somewhat resembles what was printed at the tail end of 2022, where a similar MACD bull cross marked the end of the bear market.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
