- 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.
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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