Bitcoin Isn’t in The Clear Yet
Over the past week, Bitcoin (BTC) bulls have finally begun to relent. Earlier this week, BTC hit $7,450 just days after hitting $9,100 — a drop of around 20%. Despite this, bulls have begun to show their faces once again, pushing BTC back over $8,050 in the past 24 hours. As of the time of writing, most digital assets are up 5% in the past 24 hours, all while some altcoins, namely Litecoin, NEO, and Bitcoin SV, embark on double-digit runs.
BTC may not be in the clear yet though. As analyst Dave The Wave recently pointed out, the Moving Average Convergence Divergence (MACD) on Bitcoin’s one-week chart is still where it was when BTC hit $9,100. This could be read as a sign that the recent retrace under $8,000 could just be the start. What’s more, the indicator reads as it did back in early-2016, which was when the cryptocurrency market embarked on a short-term parabolic run (like we just saw), and then collapsed.