Bitcoin’s Long-Term Bullish Signal Flashes as $71,147 Break Emerges as Key
Summary
- CoinDesk reported that Bitcoin’s MACD recently turned to a buy signal, pointing to a long-term bullish trend.
- CoinDesk said the MACD flashed a sell signal before the sharp drop in October, while buy signals in December last year and February this year were followed by meaningful rebounds, making it a relatively reliable indicator now.
- CoinDesk said that if Bitcoin rises, a clear break above its 200-day moving average of $71,147 would increase the likelihood of a full-fledged uptrend.
Forecast Trend Report by Period
A technical indicator pointing to a long-term uptrend in Bitcoin has appeared on the chart.
CoinDesk reported on July 10 that Bitcoin’s moving average convergence divergence, or MACD, has recently turned to a buy signal. The indicator is used to gauge Bitcoin’s longer-term trend.
The MACD measures the strength of upward and downward price momentum. A shift to a buy signal is generally interpreted as increasing the chances that an upswing will continue.
CoinDesk said the MACD flashed a sell signal just before the sharp market drop in October. It also produced buy signals in December last year and in February this year, followed by meaningful rebounds. That record makes it a relatively reliable indicator at present.
If Bitcoin resumes climbing, the most important level to watch is $71,147, its 200-day moving average, CoinDesk said. The 200-day moving average is a widely used benchmark for the long-term trend and acted as resistance in May, halting Bitcoin’s rebound. A clear break above that level would increase the likelihood of a full-fledged uptrend.
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