Several technical indicators for Bitcoin (BTC) flash a breakout above $70,000, as a number of key metrics have flipped on multiple positive signals. For the first time since April, the MACD histogram for Bitcoin's weekly charts has flipped positive.
Industry experts have grown increasingly confident about Bitcoin's trajectory, pointing to several favorable factors such as the apparent shift by the Federal Reserve toward possible rate cuts, growing support for cryptocurrency-friendly policies in the upcoming U.S. presidential election, and general weakness in traditional safe-haven assets such as the Japanese yen. Many analysts now project that Bitcoin will rise to $100,000 by the end of the year.
Market watchers also noted that Bitcoin has already had an incredible run, jumping 30% off its September lows of $53,000. It touched $69,500 during Monday's Asian trading session, renewing hope among investors who have seen Bitcoin fluctuate between $50,000 and $70,000 for months.
The MACD indicator, a momentum gauge based on the relation of short-term and long-term moving averages, has historically tended to signal major market movements. Its current reading is similar to that of October 2023 when Bitcoin pierced the resistance at $30,000 and eventually reached an all-time high of over $73,000 this March 2024.
Other positive indicators, like a break of the downward trendline, hint at Bitcoin finally establishing sustained trading above the psychologically important $70,000 level for the first time, a milestone that has repeatedly eluded the cryptocurrency despite many attempts since the beginning of 2024.
That structure somewhat resembles what was printed at the tail end of 2022, where a similar MACD bull cross marked the end of the bear market.