Several technical indicators are pointing towards a break above $70,000 for Bitcoin (BTC) as a number of key metrics have turned multiple positive signals.
Various technical indicators for Bitcoin (BTC) are showing a breakout above $70,000, as evidenced by several positive signals. For the first time since April, the MACD histogram for Bitcoin’s weekly charts has turned positive.
Industry experts are increasingly confident in Bitcoin’s trajectory, citing factors such as the Federal Reserve’s potential rate cuts, growing support for cryptocurrency-friendly policies in the upcoming U.S. presidential elections, and weakness in traditional safe-haven assets like the Japanese yen. Many analysts predict Bitcoin will reach $100,000 by year-end.
Bitcoin has seen a significant rise, jumping 30% from its September low of $53,000. Reaching $69,500 during Monday’s Asian trading session, Bitcoin’s movement between $50,000 and $70,000 has renewed hope among investors.
The MACD indicator, based on moving averages, historically signals large market moves. The current value is reminiscent of October 2023 when Bitcoin broke $30,000 and reached an all-time high of over $73,000 in March 2024.
Positive indicators, including breaking the downtrend line, suggest Bitcoin is establishing sustainable trading above $70,000 for the first time. This milestone has eluded the cryptocurrency despite numerous attempts since early 2024.
Similar to late 2022, the current structure reflects a potential end to the bear market indicated by a MACD bullcross.
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