Bitcoin's Momentum Indicator Flips Bullish for First Time Since April

The moving average convergence divergence (MACD) histogram on the weekly chart has turned positive for the first time since April, indicating a bullish shift in momentum for bitcoin. This is similar to what happened during the late 2023 rally and in late 2022, which marked the end of a downtrend. The bullish flip of a bitcoin indicator that signaled seller exhaustion in early September further supports the possibility of a move above $70,000. The increase in stablecoin liquidity and bitcoin transactions is also contributing to the formation of an "UnmuteUptober."