Bitcoin has seen significant gains over the past 24 hours, reaching over $64,000. Despite this rise, investors remain cautious, although technical indicators are again showing an upward trend. $BTC.
Correspondingly, Bitcoin’s long-term moving average convergence divergence (MACD) indicator turned positive. A positive MACD is considered a strong and reliable buy signal from a technical analysis perspective, as it indicates an increasing likelihood that the uptrend will continue.
Technical analyst Omkar Godbole said the MACD turning positive indicates that Bitcoin’s recent uptrend could continue, but stressed that a break through key resistance levels is needed for a new bull market to be confirmed.
The analyst also pointed out that the long-term MACD indicator turning positive is an important technical indicator for Bitcoin and has historically shown high reliability. Therefore, analysts said current signals strengthen expectations for the following: $BTC Prices may continue to rise.
The analyst said, “The MACD index issued a sell signal just before the crash in October last year, and then showed a significant recovery with buy signals in December last year and February this year,” suggesting that the MACD index can be a reliable benchmark.
However, analysts cautioned that investors should not rely on a single indicator to judge market trends.
However, analysts note that a sustained breakout of the strong resistance zone between $65,000 and $80,000 is critical for the technical outlook to fully turn bullish.
According to the analyst, the key resistance levels to watch closely in the $65,000 to $80,000 range are:
- “50-day simple moving average: approximately $65,434”
- Previous peak level: approximately $67,292
- 200-day moving average: approximately $71,147
- The highest open position in the options market at the strike price is approximately $80,000.
Analysts say a break above these levels could begin a new bull market.
Bitcoin is experiencing the third longest consolidation period in history!
Analysts noted that credible bullish signals are emerging. $BTCMeanwhile, Glassnode data shows that Bitcoin is experiencing the third-longest consolidation period in history.
According to Glassnode analysts, Bitcoin has been trading in the $60,000 to $70,000 price range for 307 days. Therefore, this period was recorded as the third longest consolidation period in Bitcoin history.
According to Glassnode, it is ranked 3rd this season. $BTC After longer periods of consolidation in the 2018 bear market (between $10,000 and $20,000) and the 2022 bear market (between $20,000 and $30,000).
Analysts also point out that $58,000 is an important support level. $BTC On the negative side.
Finally, analysts say the direction in which Bitcoin emerges from this consolidation process, which lasted about 10 months, could determine the price trend. In particular, if the price breaks through the upper resistance zone, it is believed that a new uptrend may become stronger.
*This is not investment advice.
