Analysis: MACD indicator shows Bitcoin momentum rising, expected to break through $70,000

Odaily News Bitcoin’s moving average convergence divergence (MACD) histogram turned positive on the weekly chart for the first time since April, according to data from charting platform TradingView. This signals a renewed uptick in Bitcoin’s momentum, which is on track to break out of a long-standing pattern of hovering in the $50,000 to $70,000 region. The positive technical outlook aligns with industry consensus that the Federal Reserve is once again leaning toward rate cuts, the increasing likelihood that pro-cryptocurrency Republican candidate Trump will win the Nov. 5 U.S. election, and weakness in the risk-resistant yen could push Bitcoin to at least $100,000 by the end of December. A similar MACD bull crossover occurred last October, when Bitcoin broke through long-held resistance at $30,000, ultimately reaching an all-time high of more than $73,000 in March of this year. A bull crossover that occurred in late 2022 marks the bottom of the bear market. (CoinDesk)