BTC’s MACD is about to cross bullishly on the 5-day chart, its first in 230 days.
Historical movements show that previous bullish MACD crossovers resulted in BTC price gains of 79% and 74%.
If this repeats, BTC could possibly surge over $100,000, pushed by positive indicators.
Bitcoin is at the point of a central technical event that could lead to price action. For the first time in 230 days, the Moving Average Convergence Divergence (MACD) on the 5-day chart is set to make a bullish crossover.
MACD Bullish Crossover: A Strong Indicator and Historical Context
The MACD is a widely followed technical indicator used by traders to gauge the strength and direction of price momentum. A bullish crossover occurs when the MACD line crosses above the signal line, indicating that positive momentum is building. This particular crossover on the 5-day chart is important because notable price increases followed the last two instances of this pattern as noted by Bitcoin Archive.
https://twitter.com/BTC_Archive/status/1838939639119286312
Historically, this signal has foregone notable upward movements in Bitcoin's price. Based on past performance, similar events resulted in gains of 79% and 74%, respectively. If this trend repeats, Bitcoin could potentially break past the $100,000 mark.
Potential for Bitcoin to Surpass $100K and Market Activity
Given BTC's earlier responses to MACD crossovers, the possibility of BTC reaching $100,000 may be possible if the same price movements are repeated. The cryptocurrency market has historically been influenced by technical signals, and a similar move could push Bitcoin to new ATH. With the current price approaching far below this level, a 70-80% increase would easily move Bitcoin past the six-figure mark.
Bitcoin’s current market status trades with a price of $63,471.04, recording a decrease of 1.46% over the last 24 hours. Bitcoin's market capitalization stands at $1.25 trillion, a decrease of 1.42%. The 24-hour trading volume has reached $24.85 billion, showing a notable drop of 15%. The volume-to-market-cap ratio is 1.98%, indicating the level of trading activity relative to its market capitalization.Bitcoin’s price movement within the past day shows fluctuations with an initial price close to $64.39K before falling to levels below $63.00K at some points. After the decline, a slight recovery was observed as the price reached the current value of $63.47K. The market movements appear to have a downward slope, followed by a periodic rise at the time of writing.
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