Bitcoin Receives Positive Momentum Signal as Prices Approach $70K
A new bullish indicator for Bitcoin hints at potential price expansions beyond the $70,000 threshold.
Bitcoin Receives Positive Momentum Signal as Prices Approach $70K
A widely-followed momentum indicator has exhibited a positive shift for the first time since April. This follows a similar bullish pattern observed at the start of the late 2023 rally and in late 2022, which were pivotal in marking the end of significant downward trends.
The MACD histogram, a key technical analysis tool, has indicated a favorable trend change, aligning with broader market expectations spurred by the Federal Reserve's inclination towards rate cuts, a potential victory for pro-crypto Republican candidate Donald Trump in the upcoming November 5 U.S. elections, and a decline in the Japanese yen.
Overall market sentiment is steering towards a consensus that Bitcoin's price could surge to at least $100,000 before the end of the year, particularly as Bitcoin's recent performance has risen nearly 30% from lows under $53,000 in early September.
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MACD Explained: The MACD is a trend-following momentum indicator that reflects the difference between the 12-period and 26-period exponential moving averages (EMAs). The recent upward flip suggests the possibility of breaking through the long-standing $70,000 resistance level.
Market Watch: Bitcoin reached a notable price of $69,500 during trading hours on Monday, reinforcing bullish market signals.
