According to BlockBeats, an analysis published by Coindesk on September 11 reveals that Bitcoin's weekly MACD has been negative since April, occasionally signaling the strongest bearish trend since 2022. However, Bitcoin's price has remained within a slightly downward-sloping channel between $50,000 and $70,000, forming a 'bull flag' pattern rather than a sharp decline, which contradicts the ongoing MACD signal.
Global chart pattern expert Thomas N. Bulkowski typically defines a 'bull flag' pattern as a consolidation period characterized by a slightly downward-sloping channel following a steep upward trend. This pattern usually precedes a rise to higher levels, continuing the previous upward trend.
Indicator data shows that since late April, the MACD has consistently been bearish. Combined with the flag price pattern, this suggests underlying bullish sentiment beneath the surface price action. This indicates that sellers have failed to establish a strong downward trend, even during the panic sell-off in early August, which only suppressed the price to between $55,000 and $50,000. The prolonged weakness of sellers implies that a sudden bull market resurgence and price increase may be imminent.
