Traders typically do not rely on a single indicator to determine market trends. But this particular MACD has proven to be reliable as a stand-alone indicator during the price decline from the all-time high of $126,000. Since October, negative crossovers have reliably marked the start of steeper declines, while positive crossovers have preceded major recovery rallies, including the December-January bounce and the February-May bounce.
Therefore, the latest bullish crossover points to a notable rebound ahead, although not necessarily the start of a new full-fledged uptrend. That bigger move would need more confirmation, which is why the key resistance levels below are now in focus.
Key levels ahead
The first level to watch is the 50-day simple moving average, which is currently around $65,434. This is simply the average price of bitcoin over the last 50 days (approximately two months).
Traders in both the crypto and traditional markets are watching this line closely to gauge near-term momentum. A clear move above is often seen as a sign that bullish strength is building.
The second key level is $67,292, which was the mid-June high. This is where bitcoin staged a brief recovery from early June lows near $60,000, only for sellers to intervene aggressively. That resistance caused the price to drop again. Breaking above $67,292 would be another victory for buyers, showing that they have surpassed the previous area of strong selling pressure.
