Bitcoin (BTC) price has been consolidating within a narrow channel between $83,200 and $85,800. According to crypto analyst Titan of Crypto, the top cryptocurrency may soon witness a shift in momentum as the Moving Average Convergence Divergence (MACD) indicator recently flashed a bullish cross.
In an X post published today, noted crypto analyst Ali Martinez highlighted that BTC is currently trading within a channel, with the upper boundary at $85,800. With the $83,200 support holding strong, BTC may soon rebound toward the midpoint around $84,500 or test the upper end of the channel.
Supporting Martinez’s analysis, crypto trader Daan Crypto Trades noted that BTC has been trading tightly within a 4% range over the past four days. The trader commented:
So you can understand that plenty of longs & shorts have been building up on both sides here. This will likely result in a larger move as one side eventually gets squeezed out.
Daan urged investors to watch closely for a decisive move below $83,000 or above $86,000, suggesting that a clean breakout from these levels could mark the beginning of BTC’s next major price move.
Meanwhile, crypto analyst Merlijn The Trader echoed similar sentiments. The trader hinted at a potential short squeeze, suggesting that after a brief dip – possibly liquidating long positions – BTC could trap short sellers and then surge upward.
In a separate X post, Titan of Crypto pointed out that BTC has just made a MACD bullish cross on the 3-day chart. The analyst remarked that a momentum shift may be underway and that BTC could be targeting price levels as high as $135,000.
For those unfamiliar, a MACD bullish cross occurs when the short-term trend overtakes the long-term trend, indicating increasing upward momentum. This signal is often interpreted as a sign that prices may begin to rise.
The last time the BTC 3-day chart showed a MACD bullish cross, the price surged over 90%, rising from around $60,000 to as high as $108,000. However, the cryptocurrency faces multiple major resistance levels in the short-term.
In other news, Bitcoin’s hashrate recently reached a new all-time high, suggesting the asset may be undervalued at current levels. At the time of writing, BTC is trading at $84,772, down 0.7% over the past 24 hours.
Featured Image from Unsplash.com, charts from X and TradingView.com
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