Bitcoin Surpasses 50-Day Average, but CoinDesk BTC Trend Indicator Remains Bearish
Bitcoin BTC$115,222.04 has recently crossed above the 50-day simple moving average (SMA), a widely observed indicator of a short-term bullish trend. This breakout is validated by technical indicators including a fresh bullish crossover on the daily MACD histogram and a bullish cross between the 5- and 10-day SMAs, signaling growing upward momentum.
The recent upswing in BTC price is likely fueled by market expectations of a Federal Reserve rate cut anticipated this Wednesday and positive developments in the ongoing U.S.-China trade tensions.
Despite these encouraging signs, caution is warranted as the CoinDesk Bitcoin Trend Indicator (BTI), which gauges the presence, direction, and strength of momentum, continues to signal downtrend. Further, BTC prices remain below the Ichimoku cloud on the daily chart, a key resistance level. A decisive move above this cloud would confirm the bullish revival and potentially set the stage for a rally toward $120,000 and beyond.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Market volatility intensifies: Why does Bitcoin still have a chance to reach $200,000 in Q4?
Institutional funds continue to buy despite volatility, targeting a price level of $200,000.
Key Market Intelligence for November 6: How Much Did You Miss?
1. On-chain funds: $61.9M flowed into Hyperliquid today; $54.4M flowed out of Arbitrum. 2. Largest price changes: $SAPIEN, $MMT. 3. Top news: ZEC surpassed $500, marking a 575% increase since Naval’s call.
Robinhood is building a financial institution tailored for the new generation
Robinhood's crypto revenue grew by 300% in the third quarter, with total revenue reaching $1.27 billions.
Soros predicts an AI bubble: We live in a self-fulfilling market
When the market starts to "speak": an earnings report experiment and a trillion-dollar AI prophecy.
Trending news
MoreCrypto prices
More
