Bitcoin metrics line up bull signals with $78K the BTC price level to beat
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With $75,000 possibly the new floor, Bitcoin is giving hints that a BTC price breakout is about to begin, based on two classic technical indicators.
Bitcoin (BTC) has recovered 25% from its multi-year low below $60,000, with momentum indicators flashing rare “buy” signals.
Bitcoin’s MACD and RSI indicators forecast a sharp BTC price rally in the coming days.
Bitcoin price must reclaim $78,000 in the coming days to sustain upward momentum.
Data from TradingView showed BTC/USD trading at $75,300, 4% below its 10-week high of $78,380 reached on Friday.
Despite this pullback, fueled by uncertainties over the US and Israel-Iran war, price indicators hinted at continued upside to come.
Analyzing the moving average convergence divergence (MACD) indicator in the weekly time frame, trader Sykodelic flagged a key bullish crossover, setting Bitcoin up for an upward run.
Related: BTC price due 'new highs:' Five things to know in Bitcoin this week
“Not only do we have a 1W MACD bullish cross and break of trend, we have it from the lowest point the MACD has ever dropped to,” analyst Sykodelic said in a recent post on X, adding:
Previous instances show that Bitcoin tends to rise sharply when the MACD line (blue) crosses above the signal line (orange).
This ultimately has led to 340%-380% BTC price gains, as seen in 2018-2019 and 2022-2023.
“A big move usually follows whenever this weekly MACD bullish cross happens,” analyst Mikybull Crypto said in a recent post on X.
Meanwhile, the relative strength index, or RSI, has now recovered to 43 from 21 in mid-February. When combined with a buy signal on the MACD, the picture begins to resemble previous cycles.
In a recent video posted on X, trading resource Material Indicators said that the weekly RSI holding above the 41 level was among the “macro things that need to happen to say a validated bull market is on.”
Previous occurrences in 2023, 2020 and 2019 have led to 660%, 1,600% and 316% BTC price rallies, respectively.
Other Bitcoin analysts suggest that sustained spot market buy volume and consistent inflows to the Bitcoin ETFs are the necessary components required for a rally to new highs.
As Cointelegraph reported, Bitcoin’s bullish case hinges on flipping the resistance at $78,000 into support, where the true market mean currently sits.
Analyzing Bitcoin’s price action on lower time frames, Telegram trading resource Technical Crypto Analyst said that after reclaiming the $70,000 level, the BTC/USD pair is “now pushing into a major supply zone around 75K–78K, which is acting as resistance,” adding:
Fellow analyst Bitcoinsensus said failure to break above $78,000 would suggest that the latest rally was a “possible bull trap,” as seen in previous failed breakouts.
As Cointelegraph reported, a close above the $76,000-$78,000 area would confirm that the buyers are in control, clearing the path for a potential rally to $84,000.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Source: CoinTelegraph
