bitcoin It recently surpassed the 50-day simple moving average (SMA), a widely watched indicator of a short-term uptrend. This breakout is validated by technical indicators including a new bullish crossover on the daily MACD histogram and a bullish crossover between the 5-day and 10-day SMA, indicating growing bullish momentum.
The recent BTC price rally is likely driven by market expectations of a Federal Reserve rate cut scheduled for this Wednesday and the positive developments in the current trade tensions between the United States and China.
Despite these encouraging signs, caution is warranted as CoinDesk’s Bitcoin Trend Indicator (BTI), which measures the presence, direction, and strength of momentum, continues to signal a bearish trend. Furthermore, BTC prices remain below the Ichimoku cloud on the daily chart, a key resistance level. A decisive move above this cloud would confirm the bullish revival and potentially set the stage for a rally towards $120,000 and higher.
