Cryptocurrency

Bitcoin

Divergence

<div class="finbold">
 <p class="paragraph">The value of Bitcoin (BTC) has recently experienced a correction, but the maiden cryptocurrency continues to trade in the familiar range below $30,000. Meanwhile, technical <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>s suggest that Bitcoin is poised for a rally based on historical price patterns.</p>
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 <p class="paragraph">In this context, a cryptocurrency analyst using the pseudonym <em>Thescalpingpro</em> pointed out in an X (formerly Twitter)&nbsp; post on October 15 that Bitcoin’s Moving Average Convergence Divergence (MACD) has just undergone its second <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a> after <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a>ing below the zero line.&nbsp;</p>
 <p class="paragraph">It’s worth noting that such an occurrence has only happened once before in the history of Bitcoin, back in 2016. This pivotal moment was followed by a significant bull run that substantially increased Bitcoin’s price the following year.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="616" src="https://cdn.thebittimes.com/images/2023/10/15/40b9cc85b01d045c1b650e50fd3b738b.webp" alt class="wp-image-132633" srcset="https://cdn.thebittimes.com/images/2023/10/15/40b9cc85b01d045c1b650e50fd3b738b.webp 1024w, https://cdn.thebittimes.com/images/2023/10/15/40b9cc85b01d045c1b650e50fd3b738b.webp 300w, https://cdn.thebittimes.com/images/2023/10/15/40b9cc85b01d045c1b650e50fd3b738b.webp 768w, https://cdn.thebittimes.com/images/2023/10/15/40b9cc85b01d045c1b650e50fd3b738b.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: Thescalpingpro</em>
  </figcaption>
 </figure>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“A strong MACD Bullish Cross occurs when it <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a>es below the zero line. In 2016, MACD <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a>ed <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> below the zero line for the first time ever, triggering a bull run. Currently, in 2023, MACD <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a>ed <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> below the zero line for the second time,” he said.&nbsp;</p>
 </blockquote>
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 <p class="paragraph">The analyst acknowledged that as Bitcoin targets the $27,000 mark, the indicator signals long-term trends. However, he cautioned that in the short term, investors should expect price fluctuations and sideways movement before a rally takes place.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Remember, while MACD signals long-term trend change, short-term fluctuations are normal. Prices might move sideways or even go slight lower on the LTF, before the Bull Run begins,” he added.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-bitcoin-targeting-27-000">Bitcoin targeting $27,000</h2>
 <p class="paragraph">As the market awaits a potential Bitcoin price rally, the maiden cryptocurrency recently dipped below the $27,000 level, reaching a new two-week low. It managed to regain some ground but still struggled to break through the $27,000 barrier.</p>
 <p class="paragraph">While technical indicators are likely to influence Bitcoin’s valuation, the asset contends with external factors such as macroeconomic elements and regulatory developments, notably the approval of a spot Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC).</p>
 <p class="paragraph">At the moment, as reported by Finbold, the potential for a bull run could be reignited if Bitcoin can secure a sustained close above $28,233.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h2>
 <p class="paragraph">At the time of writing, Bitcoin traded at $26,898, reflecting a nearly 4% decline on the weekly chart.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/15/faf2e9bc563e3930156080443edb8590.webp" alt class="wp-image-132631" srcset="https://cdn.thebittimes.com/images/2023/10/15/faf2e9bc563e3930156080443edb8590.webp 1024w, https://cdn.thebittimes.com/images/2023/10/15/faf2e9bc563e3930156080443edb8590.webp 300w, https://cdn.thebittimes.com/images/2023/10/15/faf2e9bc563e3930156080443edb8590.webp 768w, https://cdn.thebittimes.com/images/2023/10/15/faf2e9bc563e3930156080443edb8590.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">In terms of technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Bitcoin is currently dominated by bearish sentiment. A one-day summary from <em>TradingView</em> suggests a ‘sell’ rating at 14 while moving averages indicate a ‘strong sell’ at 12. Oscillators, on the other hand, are signaling a ‘buy’ at 4.</p>
 <figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2023/10/15/a8ecfa08383de2543c8baa5f688141bd.webp" alt class="wp-image-132632" width="834" height="170" srcset="https://cdn.thebittimes.com/images/2023/10/15/a8ecfa08383de2543c8baa5f688141bd.webp 1024w, https://cdn.thebittimes.com/images/2023/10/15/a8ecfa08383de2543c8baa5f688141bd.webp 300w, https://cdn.thebittimes.com/images/2023/10/15/a8ecfa08383de2543c8baa5f688141bd.webp 768w, https://cdn.thebittimes.com/images/2023/10/15/a8ecfa08383de2543c8baa5f688141bd.webp 1536w, https://cdn.thebittimes.com/images/2023/10/15/a8ecfa08383de2543c8baa5f688141bd.webp 1631w" sizes="(max-width: 834px) 100vw, 834px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Based on recent price movements, Bitcoin’s potential to reach new all-time highs hinges on its ability to maintain a price above the $27,000 resistance level.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/countdown-starts-now-btc-crosses-key-bullish-indicator-for-second-time-in-history-tbt66424.html">https://thebittimes.com/countdown-starts-now-btc-crosses-key-bullish-indicator-for-second-time-in-history-tbt66424.html</a></p>

Countdown starts now? BTC crosses key bullish indicator for second time in history

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