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BTC Price To Repeat Critical MACD Bull Flag As It Freezes At $29.3K

2023-07-31 17:12:35

Although BTC price movement is "slower than ever before" this weekend, many who trade Bitcoin are eagerly awaiting confirmation of a monthly MACD cross.


Before the weekly close on July 30, Bitcoin's volatility further decreased as investors awaited a thrilling long-term bull signal.

Bitcoin Price. Source: TradingView

Weekend Is ‘Slower Than Ever’ Because To The BTC Price

BTC/USD remained stuck in a narrow $150 range according to reports from TradingView during the weekend. Despite a number of economic data releases over the week, the situation remained quiet which led some people to believe that a breakdown was imminent.

BTC/USD order book data. Source: Material Indicators/Twitter

But there was still little indication of volatility returning with hours to the weekly close. Since the beginning of 2023, price activity has not been this constricted. The move that follows this will be greater the longer this continues from popular trader Daan Crypto Trades, who made this argument in a piece of commentary over the weekend.

According to Cointelegraph, Bitcoin's Bollinger Bands are presently resembling the circumstances at the beginning of the year, shortly before the price of BTC went on to increase by 70% in the first quarter. Monitoring site Material Indicators observed trader activity on the exchange's BTC/USD order book and saw that buying urgency from whales was merging with rising resistance closer to $30,000. On July 29, one of the related comments noted, expecting barriers to stay up until we approach the Weekly and Monthly candle closes. The possibility of a bullish cross on the MACD indicator for Bitcoin was a more intriguing issue.

The Next Bitcoin Bull Run Coming? In 2023, Stablecoin Ratios ‘Blowing Up’

Several market watchers remarked that a similar bull flag was just edging closer to confirmation on monthly timeframes, and if past trends hold true, further gains should follow. While acknowledging the cross's potential benefits, trading sites stated that its existence doesn't mean BTC is already outside its summer decline mode. A chart that accompanied the article showed a previous monthly MACD cross from late 2015 signaling the start of Bitcoin's rise to the $20,000 all-time high of the previous cycle two years later. Though weekly MACD crossovers in August 2021 foreshadowed the advance to Bitcoin's present all-time highs in November of that same year, lower time frame MACD crossing can sometimes be false alarms.

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