The Last Time This Bitcoin Indicator Turned Bullish It Saw a 65% Hike, Will It Happen Again?

Bitcoin was rejected as it approached the high area around its current levels. The first crypto by market cap could return to previous lows as it continues to trade in a tight range. Related Reading | Bitcoin Retail Reaches Second-Highest Buying Rate In History. Good Or Bad? The start of the Bitcoin Miami Conference 2022 could provide the bulls with some support. The event is usually filled with positive announcements with a direct impact on BTC’s price. However, the macro-factors preventing Bitcoin and other risk-on assets to reached new highs seem to be re-gaining relevance. The U.S. Federal Reserve (FED) began its tapering process within expectations but could turn more aggressive as inflation persist. At the time of writing, Bitcoin trades at $43,900 with a 5% loss in the last 24-hours and 7-days. In the short term, Bitcoin must hold above $44,000 in the daily to prevent further losses. Data from Material Indicators records little support for BTC’s price until around $42,000. Therefore, any short-term selling pressure could take BTC to revisit the low of its current levels. In the long term, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone said the benchmark crypto flashed a buying signal in its BI trend signal. Used to measure momentum in the market, the analyst said this is the first time since late 2021 that BTC turns bullish. As seen below, the signal has proceeded with major rallies over the pa...