Bitcoin (BTC) Technical Indicators Point Upwards, But Keep an Eye on Macro Data!

  • According to crypto analysts, certain technical indicators in Bitcoin suggest that the price is ready to move upwards.
  • Crypto analyst Jelle shares that the Moving Average Convergence/Divergence (MACD) indicator is giving a positive signal for Bitcoin.
  • However, macroeconomic data to be announced this week could significantly affect Bitcoin’s trajectory.

Bitcoin’s technical indicators suggest a potential upward movement, but upcoming macroeconomic data could sway its course. Stay updated with the latest crypto news and insights.

Bitcoin’s Positive Technical Indicators

As per crypto analysts, certain technical indicators in Bitcoin are pointing towards a potential upward movement. Crypto analyst Jelle has shared that the Moving Average Convergence/Divergence (MACD) indicator is giving a positive signal for Bitcoin. “Bitcoin has almost completely reset. It returned to the 100-day EMA, there’s a bullish MACD crossover (below the zero line), and for the first time in a long while, it made a higher low. It’s looking good,” he said.

Impact of Upcoming Macroeconomic Data

While the technical indicators seem promising, the macroeconomic data to be announced this week could significantly affect Bitcoin’s trajectory. Turbofish CEO Matt Bell commented, “Even though the 4-hour chart with an inverse Head and Shoulders formation indicates a possible trend change, it’s important to underline that Bitcoin’s price volatility is tied to a narrow range. Factors like macro data in the US and statements from Fed Chairman Jerome Powell could bring a new wave of volatility to crypto markets.”

Conclusion

In conclusion, while Bitcoin’s technical indicators suggest a potential upward movement, the upcoming macroeconomic data could significantly sway its course. Investors and traders should keep a close eye on these developments to make informed decisions.

Tags: Bitcoin

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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