The Bitcoin (BTC) price has been going in the right direction for a while now. The price is now approaching the magical limit of $70,000 for the first time since July, as was already discussed in the Bitcoin news this morning.
The Bitcoin price has recently confirmed that it is finally back in an upward trend. And more and more signals indicate that this could continue for some time. The weekly MACD indicator has turned positive for the first time since April. which has resulted in major rallies in recent years.
MACD finally positive again
The MACD (Moving Average Convergence Divergence) is a popular technical indicator that helps traders assess the momentum and trend of an asset. It is calculated by subtracting a 26-day exponential moving average (EMA) from a 12-day EMA. The result is compared to the 9-day EMA of the MACD line (also called the signal line).
If the MACD crosses above this line, it is called a buy signal. And if the MACD goes below the line, it is logically referred to as a sell signal. As Dutch crypto analyst Jelle wrote on social media platform X this morning, a ‘bullish MACD cross’ has now been established. The MACD is therefore above the signal line again. This has not happened since April this year.
The last time the MACD line managed to rise above the signal line was in October last year. Then Bitcoin started its months-long rally in which the price almost turned twice. The Bitcoin price was still at $27,000 in October, but reached an all-time high of almost $74,000 in March.
BTC price breaks out and approaches $70,000
Bitcoin rose overnight to its highest price since July of around $69,500. The coin has now reached strong resistance, which also appears to be the last obstacle before the all-time high can be reached again.
Bitcoin yesterday posted its highest weekly close since the first week of June. Moreover, the price on the weekly chart has finally managed to break its downward resistance line, as shown in Jelle’s chart.
Although it will not be an easy task to break through the $70,000 barrier, things are certainly looking bright for the Bitcoin price. ‘Uptober’ is starting to get more and more colour.
Source: https://newsbit.nl/bitcoin-indicator-slaat-voor-het-eerst-sinds-april-naar-bullish/
