Bitcoin Price’s MACD Crosses Bullish after One Year of Bear Market: Crypto Trader

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As Bitcoin hashrate has reached a new all-time high and no miners seem to be capitulating to sell their gear, the Bitcoin price is holding in the $7,400 area and some cryptocurrency traders believe it is going to keep rising as a new bullish cycle has begun.

‘A new bullish cycle has started’

In his recent tweet, crypto trader @IamCryptoWolf draws the community’s attention to Bitcoin’s 1-month chart. He says that the moving average convergence-divergence index (MACD) has crossed the bullish mark after a year of the bear market.

A new bullish cycle for Bitcoin has just started, he states.

Image via Twitter

‘Crossing $7,870 may would take BTC higher’

Crypto trader Scott Melker points at the $7,870 level on his chart marked with a blue line and says that breaking that resistance level and turning it into support would confirm the double bottom pattern and allow Bitcoin to go higher.

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