The following are key points.
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Bitcoin has seen a second bull signal, this time from its MACD. It was last heard in April.
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The price then rose 40% within a single month. This time, BTC would have a target of $160,000.
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US macro-data is making short-term traders bullish about Bitcoin.
BitcoinBTCAs a bullish indicator for the onchain classic flips, ), could hit $160,000 as early September.
New findings Popular trader BitBull reveals a secret “golden cross” on Bitcoin’s moving average convergence/divergence (MACD) chart.
Bitcoin MACD Repeats the April Golden Cross
Although Bitcoin’s performance in September is lower than the average for any month, this could be an exception.
MACD (which is MACD) compares price action The use of two moving averages, both simple and complex (SMAs), across timeframes shorter or longer has provided bulls with a good reason to be happy.
The MACD line (a derivative of SMAs) crossed the signal line which is a nine-period moving average exponential (EMA), of the MACD lines used for buying and selling signals.
It is a positive sign for the short term price, however this new cross is much more exciting.
“Bitcoin just had a MACD golden cross on the daily timeframe. But this one is a bit different,” BitBull will be explained in detail this week.
“For the first time since April bottom, BTC had a MACD bullish cross below 0 line.”
The MACD value is negative when it reflects local trends, but the cross can provide fresh energy for a rebound.
“Last time it happened, BTC rallied 40% in a month and hit a new ATH,” BitBull Notes
BTC/USD will reach $160,000 if history repeats itself. popular price target For a high of 2025.
Inflation data boosts BTC price sentiment
Macroeconomic trends continue to support a bullish outlook for crypto.
Related: Bitcoin price cycles ‘getting longer’ as new forecast says $124K not the top
US inflation data is available. buoyed risk assets and goldExpectations favoring interest-rate cuts The Federal Reserve will restart next week.
On Thursday, the Consumer Price Index for August is expected. Traders are eager to see an increase in BTC prices.
“If we get a similar print, that’ll confirm the rate cut later this month, and markets will react positively,” Popular trader Jelle summarized Part of pre-CPI Market Coverage on X.
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Source: cointelegraph.com
