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
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
While Bitcoin has reached new all-time highs, altcoins haven’t even started their bullish cycle. In…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Market expert…
Users across several blockchains can now take non-custodial, crypto-backed loans in just days, the two…
Bitcoin’s price has been anything but steady over the years. Hype, speculation, and investor sentiment…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Bitcoin is…