Category Archives: Bitcoin
$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Heres Why – newsBTC
Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500.
Yesterday, we discussed how bitcoin bulls aim big after the price surge above the $8,500 resistance. BTC even surged above the main $8,800 resistance level and the 100 hourly simple moving average to move further into a positive zone.
In the past three sessions, the price is up around 5% and it surpassed the $9,000 psychological barrier. A new weekly high is formed near the $9,145 and the price is currently correcting lower.
It is trading near the 23.6% Fib retracement level of the recent rise from the $8,873 low to $9,145 high. The first key support on the downside is near the $9,000 level.
Furthermore, the 50% Fib retracement level of the recent rise from the $8,873 low to $9,145 high is also near the $9,000 level to act as a strong support. If there are additional losses, bitcoin price might decline towards the $8,880 support area.
More importantly, there is a key bullish trend line forming with support near $8,880 on the hourly chart of the BTC/USD pair. If the price fails to stay above the $8,800 support, it could revisit the main $8,500 support area (the recent breakout zone).
Bitcoin Price
In the short term, BTC might correct lower towards the $9,000 and $8,880 support levels. However, the bulls remain in control as long as the price is above $8,500 and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $9,200 area. If bitcoin surges above the $9,200 resistance, it will most likely set the pace for a test of the $9,500 hurdle. Any further gains may perhaps call for a push towards $10,000 in the near term.
Technical indicators:
Hourly MACD The MACD is showing positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently correcting from the overbought zone.
Major Support Levels $9,000 followed by $8,880.
Major Resistance Levels $9,150, $9,200 and $9,500.
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$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Heres Why - newsBTC
Bitcoin Moves on Path to Money But Unit of Account a Long Way Off – Bitcoinist
Bitcoin is only a decade old but it has come a long way on the path to becoming money. A couple of metrics to consider are precision of spending and unit of account status.
When bitcoin was first envisioned back in 2009 it was largely experimental. For its first year, tens of thousands of them were fired across networks just to see what happened.
The first real world transaction occurred in 2010 when Laszlo Hanyecz famously asked for pizza on the bitcointalk forum in exchange for 10,000 BTC. He received a $25 order of pizza in exchange for the coins marking the first ever transaction for a tangible asset.
It went from magic worthless internet money to something with real value, which was the desired intention for the transaction. At todays bitcoin prices that pizza would be worth $90 million.
BitMEX Research has delved deeper into the precision of spending on the bitcoin network to reveal how the accuracy has improved over time.
By dividing outputs into groups increasing by a power of ten (from 1 satoshi to 100k BTC) and plotting the results on a chart it is clear to see the increase in precision over the past decade.
Currently over 70% of Bitcoin outputs use the highest available degree of precision (one satoshi), considerable growth since the c40% level in 2012.
The report concluded that an increase in precision would be beneficial to privacy based on the way bitcoin transactions work with UTXOs.
As our data shows, the level of precision is increasing, such that most outputs now have the maximum level of precision. This could inadvertently be positive news from a privacy perspective.
The study went on to state that bitcoin needs to achieve three major steps before it can be considered the same status as money.
Firstly it needs to be used as a medium of exchange which is already happening, driven by its potential unique capability: censorship resistant electronic payments.
The second step has been clearly evidenced this month and that is its status as a store of value. With market movements mirroring the worlds largest store of value, gold, bitcoin is being viewed in the same light, especially in times of adversity.
Thirdly is the unit of account status. This is when goods and services are priced in bitcoin, or satoshis in this case. This is still a very long way off due to price volatility as BTC is still primarily a vehicle for speculation. There are also a number of factors that need to happen to the technology before it sees mass adoption.
It added that if this does finally occur then the degree of precision may decrease due to the assets increased use as a unit of account.
How long will it take for bitcoin to have money status? Add your comments below.
Images via Shutterstock
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Bitcoin Moves on Path to Money But Unit of Account a Long Way Off - Bitcoinist
Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K – Cointelegraph
The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.
Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?
Crypto market daily performance. Source: Coin360
Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.
BTC USDT 1-day chart. Source: TradingView
A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the push to $10,000 in November 2019.
The chart is also showing a clear breakout from the 7-month downtrend. A retest was done at $7,600, after which the price of Bitcoin rallied towards $9,200 for temporary resistance.
BTC USDT 4-hour chart. Source: TradingView
The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance. Currently, the price of Bitcoin is facing the next resistance at $8,800.
However, its quite unlikely to see an immediate breakthrough at this level as the indicators on smaller time frames show exhaustion of this upwards move.
Additionally, some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.
On the support side, a retest of $8,500 looks quite healthy for confirmation of new support. Range-bound movements are now likely to happen if price cant break through $8,800 or drop below $8,500.
Total market capitalization cryptocurrency chart. Source: TradingView
The total market capitalization of cryptocurrencies is showing an essential bounce from the blue zone (level around $217-218 billion). A retest there was quite healthy as anticipated in a recent article.
This retest is now completed and shows intense buying pressure as the total market capitalization has already rallied up to $238 billion. This retest also indicates confirmation of the uptrend with the total market cap breaking the 7-month downtrend as well.
The first hurdle to overcome now is the $247 billion level. If that is broken, continuation towards $270 and $300 billion is likely to occur.
The total market capitalization chart of altcoins is looking healthy The market cap rallied from $52 billion to $80 billion. Only a slight retracement occurred to $71 billion, which means that it is stuck in a narrow range.
Total altcoin market capitalization chart. Source: TradingView
If we check the rest of the chart, we can spot many tests of the $80 billion level in recent months. Around three tests have happened prior to this latest one, which means that the resistance should become weaker.
Remember, the more times a resistance gets tested, the more exhausted sellers will get, and the weaker a resistance becomes. On the other hand, this also happens with support zones. The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.
Given that these tests of the $80 billion level occurred quite frequently, a breakout to the upside is the most likely scenario at this point, meaning that the altcoin market cap could rally towards $120 billion.
BTC USDT 4-hour chart bullish scenario. Source: TradingView
The most bullish scenario would be a clear breakout of $8,800 and a continuation from there. However, as stated earlier, I find it unlikely to see such a move occur in one go.
A retest and consolidation would be more likely including a likely retest of the $8,500. This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.
If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target. Moreover, clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.
BTC USDT 4-hour chart bearish scenario. Source: TradingView
Typically, the bearish scenario has a similar pattern in the beginning, as BTC needs to be rejected at the $8,800 level. However, the difference is in the subsequent pattern.
If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume. If this occurs, Id be aiming for bearish retest (support/resistances flips) of the $8,500 level as a potential short opportunity. The main target would then be the $7,600 area.
But first, the price needs to be rejected at $8,800-9,000 to get these scenarios going. Overall, the $8,100 support/resistance flip doesnt say that were bearish at this point. Especially, since that price has broken at a 7-month downtrend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K - Cointelegraph
Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again – Cointelegraph
Bitcoin (BTC) plans to move higher and further squeeze bears in the short term, several price indicators suggest.
As the week begins, a group of measurements some surprisingly accurate historically are combining to make traders firmly bullish on BTC.
Leading the positive signs is a useful but somewhat forgotten indicator dubbed the Guppy. This is a collection of exponential moving averages which has flashed green on the daily chart for the first time in around 300 days.
The interval is significant the last flip from red to green for Guppy was on April 9, 2019, coinciding with Bitcoins rapid rise to highs of $13,800.
Before that, Guppy also turned bullish on Jan. 14, 2018, when Bitcoin briefly rose above $9,000 on the way down from the all-time high a month earlier.
Bitcoins Guppy indicator bull and bear phases. Source: Hsaka/ Twitter
A second sign that bullish momentum is building for Bitcoin lies in the so-called Puell Multiple.
Used to identify the cryptocurrencys price cycles, the tool allows traders to tell from a miners perspective when the value of newly-mined Bitcoins is historically too high or too low.
Puell spiked during the 2017 highs, bottoming a year later in January 2019 when BTC/USD traded at under $4,000.
At present, the indicator suggests Bitcoin is significantly closer to the too low area than its lifetime highs.
Bitcoin Puell Multiple with peaks and troughs highlighted. Source: Glassnode/ Twitter
Zooming in, steady enthusiasm is already creeping into traders forecasts once again. For regular Cointelegraph contributor Michal van de Poppe, current action means $8,000 has now formed a fresh support level.
BTC/USD has gained around 3.8% since Friday, having bounced off local lows around $8,200.
Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support, he summarized in a Twitter update on Jan. 27.
Van de Poppe continued:
Eyeing to see a retest of $8,500. Holding that and we can aim for $8,900.
A classic guidance signal for Bitcoin comes in the form of the Mayer Multiple, which is also firmly supportive of Bitcoin as a buying opportunity this week.
The brainchild of Proof of Keys organizer, Trace Mayer, the Mayer Multiple divines to what extent it is profitable to buy Bitcoin at a particular time.
To arrive at its conclusions, it uses the current Bitcoin price versus its 200-day moving average. When the multiple is below 2.4, Mayer says, long-term Bitcoin buys saw the best long-term results.
The current multiple is 0.97 and has been higher 63% of the time since Bitcoin was created eleven years ago.
Bitcoin Mayer Multiple with 2.4 boundary highlighted. Source: Mayermultiple.info
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Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again - Cointelegraph
Latest Bitcoin price and analysis (BTC to USD) – Coin Rivet
Bitcoin (BTC) is currently trading at around $8,610 following a 3% increase in price over the last 24 hours.
Even though BTC seemed to be struggling last week, the worlds largest cryptocurrency recovered nicely over the weekend.
Bitcoin momentarily traded close to $8,300 at the start of the weekend after price dropped 4% from Thursday to Saturday.
Since then, Bitcoin has rebounded to the upside, which reiterates the bullish sentiment surrounding the digital asset ahead of this summers halving event.
Bitcoin now seems to be consolidating above $8,600 and getting ready for another shot at the $8,830 level of resistance.
Lets take a look at Bitcoins chart, courtesy of TradingView.
Bitcoin has been climbing upwards since the start of the new year, breaking through all its EMAs over the past few weeks after a major rally that took the digital asset from just below $7,000 to over $8,600.
From bottom to top, BTC has grown about 28% in the space of 18 days. At the moment, BTC is still around 25% higher than the start of the year.
However, price needs to continue picking up steam if the hangover from the second half of 2019 is to completely turn around.
In addition, Bitcoins volume must continue to grow. At the time of writing, it is showing signs of having fully recovered and is now between 30-40% higher than last month around $23 billion.
If Bitcoin is able to maintain the positive trend seen so far this year, we might see it top $10,000 sooner than expected.
Last week, I underlined that within the next few days/weeks, we could see a major reversal after a period of serious accumulation by hodlers.
The boost in trading volume means the accumulation cycle could be close to an end and the bull run were all waiting for will start sooner than expected.
The upwards movement over the past few days could mean a shift in sentiment, but it is too early to tell. It seems we already found the bottom (during 2019) and could be making our way towards a mid-term move to the upside.
For the time being though, theres a chance it can go either way. Only if BTC continues to record higher lows will price continue to go up.
Hopefully, the 200-day EMA (blue line) will now become support for Bitcoin and BTC will continue to hold above all its EMAs. In addition, I expect the 20-day EMA to cross both the 50-day and 200-day EMAs to the upside quite soon.
When these golden crosses take place, my take on the market will considerably shift to the upside.
I strongly believe Bitcoin to be a long-term store of value, especially as traditional markets continue to show weaknesses.
How can the markets continue to push higher after the ECBs recent rate cuts, the continuous share buybacks from huge corporations, or the inverted bond yield shoving investors away towards riskier assets?
In addition, repo market activity as in loans from central banks to commercial and investment banks has spiked to new monthly records. That adds up to another signal of weakness for the general economy.
We shouldnt forget that the Bitcoin halving is coming in May 2020, which will put extra positive pressure on price as the number of Bitcoin minted per block is halved.
The key aspect of the halving event is to work out whether it has already been priced-in by miners. I personally doubt it, since most people (and businesses) have a short-term mindset.
Therefore, I see miners pushing for lower prices until the halving takes place. The harder it is to mine until the halving, the more miners will drop off, leaving more room for profits for the players who stay.
In conclusion, investors and traders should pay attention to the overall economic panorama, as it will most likely be a major catalyst for worldwide BTC adoption.
Safe trades!
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
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In August 2008, the domain name bitcoin.orgwas registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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Latest Bitcoin price and analysis (BTC to USD) - Coin Rivet
Theres Something Very Strange Going On With Bitcoin Exchange LocalBitcoins – Forbes
Bitcoin exchange LocalBitcoins, often used as a gauge of bitcoin interest and prices around the world, has suddenly begun suspending long-time users' accounts without warning.
Reports began coming in this week that LocalBitcoins users across Africa, the Middle East, and Asia have had their accounts "deactivated."
Bitcoin users around the world have complained that LocalBitcoins has suddenly suspended their ... [+] accounts without explanation.
Messages seen by this reporter were sent to account holders by LocalBitcoins in countries including Afghanistan, Iraq, Nigeria, Syria, and Pakistan informing them they could "withdraw [their] bitcoins by deleting [their] account," though some users have claimed to be unable to do so.
LocalBitcoin, a peer-to-peer bitcoin exchange which was founded in 2012 and is headquartered in Helsinki, Finland, was unable to be reached for comment.
"One of my customers was due to travel out of the country and had to sell some of his bitcoin to be able to go only to notice on his way to the airport that he cannot even access his funds," said one LocalBitcoins user of three years in Nigeria, who wanted their identity to remain anonymous, adding their account had been suspended on Monday morning with no indication of when it might be reactivated.
According to the message received by users, LocalBitcoins now requires users in some countries to go through an "enhanced due diligence process," though LocalBitcoins has given no indication of what that process is or when details will be made clear.
Some reports have suggested the suspensions are a result of strict new European Union anti-money laundering regulations that came into effect this month, requiring bitcoin and cryptocurrency platforms and wallet providers to identify their customers.
However, LocalBitcoins, which has a reputation as being a relatively anonymous way for bitcoin users around the world to buy and sell bitcoin, claimed to have complied with the new legislation early last year, giving it ample time to verify users' identities ahead of the changes taking effect this month.
The regulatory changes have been blamed for bitcoin trading volumes on LocalBitcoins falling sharply in recent months, with reports suggesting bitcoin volume on the site fell by around 70% between September and November 2019.
In an interview last year, LocalBitcoins chief executive Sebastian Sonntag said the exchange was signing up between 4,000 and 5,000 new users per day but warned "changes" to the site have "had an impact on overall trade volume."
"We expect the situation to become more stable in the following weeks and improvements in the verification flow should also influence positively," Sonntag told finance trade site LearnBonds.
Meanwhile, other major bitcoin and crypto exchanges have been struggling with declining volumes over the last year, sparking fears the market could be on course for a correction.
The bitcoin price has climbed over the last 12-months but declining trade volumes have some worried. ... [+]
Bitcoin and cryptocurrency exchanges around the world have long struggled with hacks, data breaches, and theftswith many millions of dollars worth of bitcoin and other cryptocurrencies lost.
Last year, hackers stole around $28,000 worth of bitcoin from users' LocalBitcoins accounts.
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Theres Something Very Strange Going On With Bitcoin Exchange LocalBitcoins - Forbes
Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K – Cointelegraph
Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be concerning, a well-known commentator has told Cointelegraph.
Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.
...I think well have upside and then well have downside again, just to the point where a number of players will just get bored and move on, he said. Burton continued:
And then therell be a fast move thatll come, and a lot of people will say, Oh my God, why was I not on that move?
BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.
As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.
I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think its probably a different type of shakeout now, Burton continued.
The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had already missed their opportunity.
The weak hands are out the strong hands own it, he famously summarized last weekend.
Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be poetic if Bitcoin denied the lower levels demanded by some traders.
Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.
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Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K - Cointelegraph
Bitcoin (BTC) Price Likely to Aim for $8,900 If It Holds Above $8,500, Crypto Analyst Predicts – U.Today
After about four days of trading below $8,600, the Bitcoin price has finally returned to this area. At the time of writing, it is changing hands at $8,643, showing a 2.26-percent rise.
Crypto analysts and traders believe that if BTC manages to hold above $8,500, it will likely keep rising to $8,900. However, some predict that after reaching this level, the flagship currency may decline and hit $6,400.
Crypto analyst @CryptoMichNL is optimistic about the Bitcoin price short-term. SinceBTC has reclaimed $8,600, he believes that the major cryptocurrency is likely to start heading for $8,900 provided it can hold above the $8,500 price mark.
The founder of Elevate UX, Posty, seems to be at a loss as to where the Bitcoin price will start off next. In the same tweet, he says that should BTC start rising, it may hitresistance at $8,700. In that case, the $8,400 level will serve as support.
Yesterday, the BTC price suddenly started growing from the $8,300 area ending up in the $8,600 zone today and Posty says this turn of events came as a surprise for him.
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Twitter user Cryptonaire has posted a BTC chart with a Falling Wedge pattern formed on it. This userbelievesthat, since this is a bullish formation, Bitcoin is likely to pump to $8,900 first, fill twoCME gaps and then decline to the $6,400 level, potentially losing over $2,500 ofits price.
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Bitcoin (BTC) Price Likely to Aim for $8,900 If It Holds Above $8,500, Crypto Analyst Predicts - U.Today
Bitcoin Just Surged to $8,950: Heres Why Analysts Expect a Bigger Price Explosion – newsBTC
After falling as low as $8,200 late last week, Bitcoin (BTC) has recently started to mount an extremely strong recovery, bouncing after the 11% correction seen after a 43% rally.
Just minutes ago as of the time of writing this article, the leading cryptocurrency hit $8,950, falling just shy of the key $9,000 level as sellers stepped in at the eleventh hour.
Despite this slight rejection, which has brought BTC to $8,850, analysts are certain that this latest surge proves a growing bull case for Bitcoin and its ilk.
Fractal Watch, a popular cryptocurrency analyst, noted that this latest breakout towards $9,000 has allowed BTC to break out of a falling wedge chart pattern. The measured move of this bullish chart formation is $9,500, the top of the infamous China pump seen in October/November of 2019.
This surge has brought the price of BTC close to or above depending on which chart you use the 200-day moving average, a technical level that analysts say is an indicator of an assets long-term directionality.
If Bitcoin manages to close above the moving average and retest it as support, it could mark the start of another bull market. Indeed, in 2018, BTC failing to surmount the 200-day MA on at least three occasions is what indicated it remained bearish.
This comes as long-term signals have begun to support bulls.
Per previous reports from this outlet, the Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.
If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.
Also, Dave the Wave a top analyst who called much of BTCs 2019 price action recently gave the four following reasons why Bitcoin remains in a bull trend despite the 50% downturn:
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Bitcoin Just Surged to $8,950: Heres Why Analysts Expect a Bigger Price Explosion - newsBTC
Bitcoin Rallied 230% Last Time This Signal Flashed, And Its Back Again – newsBTC
While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market.
Prominent cryptocurrency trader MoeMentum recently noted that while Bitcoin has just entered a new week in terms of price action, a key signal has already started to form:
The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.
If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.
It isnt only the Fisher Transform signal that is suggesting Bitcoin is on the verge of entering another exponential, maybe even parabolic, bull run.
Cryptocurrency analystCryptokearecently notedthat the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019.
More specifically, the metric has hit a 10 on a long-term basis, with the metrics maximum being 100. The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.
He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.
Also, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line.
So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months time.
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Bitcoin Rallied 230% Last Time This Signal Flashed, And Its Back Again - newsBTC