Bitcoin’s price action has been stuck in a range between $50,000 and $70,000 for quite some time now. However, there might be some good news on the horizon as the moving average convergence divergence (MACD) histogram has flipped positive on the weekly chart for the first time since April.
The MACD histogram is a technical analysis indicator that is used to gauge trend strength and changes. When it flips positive, it signifies a renewed upward shift in momentum. This could imply a bullish resolution to bitcoin’s prolonged sideways trading.
According to charting platform TradingView, this recent development could be a signal of a potential uptrend in the near future. Traders and investors will be closely watching to see if this positive momentum can be sustained and lead to a breakout above the $70,000 resistance level.
