The price of Bitcoin (BTC) has been stabilizing within a tight range between $83,200 and $85,800. As per crypto analyst Titan of Crypto, the leading cryptocurrency may soon experience a change in momentum after the Moving Average Convergence Divergence (MACD) indicator indicated a bullish crossover.
Is Bitcoin Set For A Momentum Shift?
In a post on X today, renowned crypto analyst Ali Martinez pointed out that BTC is currently trading within a channel, with the upper boundary set at $85,800. Given that the support at $83,200 is proving resilient, BTC could potentially rebound towards the midpoint around $84,500 or attempt to test the channel’s upper level.
Supporting Martinez’s views, crypto trader Daan Crypto Trades remarked that BTC has been trading within a narrow 4% range over the past four days. The trader commented:
It’s apparent that numerous longs and shorts have been building up on both sides here. This is likely to lead to a significant move as one side eventually gets squeezed out.
Daan urged traders to monitor for a decisive breakthrough below $83,000 or above $86,000, suggesting that a clear breakout from these levels could signal the start of BTC’s next major price movement.
Additionally, crypto analyst Merlijn The Trader echoed similar views, hinting at a possible short squeeze. He suggested that following a brief dip that might liquidate long positions, BTC could ensnare short sellers and then rally upward.
BTC MACD Signals Bullish Crossover
In a separate post on X, Titan of Crypto noted that BTC has recently achieved a MACD bullish crossover on the 3-day chart. The analyst commented that a shift in momentum could be imminent, with BTC potentially targeting price levels as high as $135,000.
For those who may not know, a MACD bullish crossover occurs when the short-term trend surpasses the long-term trend, signifying increased upward momentum. This signal is usually interpreted as an indicator that prices could start to rise.
The most recent instance of a MACD bullish crossover on the BTC 3-day chart led to a remarkable price increase of over 90%, climbing from approximately $60,000 to as high as $108,000. Nevertheless, the cryptocurrency currently faces several significant resistance levels in the short-term.
In other developments, Bitcoin’s hashrate has recently hit a new all-time high, indicating that the asset might be undervalued at its current price. As of this writing, BTC is trading at $84,772, reflecting a 0.7% decline over the past 24 hours.
Featured Image from Unsplash.com, charts from X and TradingView.com
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