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NewsBTC 2021-08-16 20:00:43

Weekly Bitcoin Momentum Cross Bullish For First Time Since March 2021

Bitcoin price has been unable to get back to $50,000, but with momentum at its back for the first time on weekly timeframes since March, the top cryptocurrency might blast right on through it. Here’s a closer look at the significant bullish crossover brewing, but also what crypto investors might need to beware of if the market continues to consolidate further. Bitcoin Momentum Indicator Crosses Bullish For First Time Since ATH There is a battle of the words waging on across the crypto community – a fierce debate over if Bitcoin has started another bear market, or if the bull market has final leg up ahead. Only one side of the trade will be right in the end, but which? Time will decide, but in the meantime analysts are trying to determine the highest probability direction the top cryptocurrency goes next. Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe Trend strength indicators suggest that bulls are in control, but momentum has been in bear’s favor since the peak in late March and early April 2021. Around that time, Bitcoin price was trading around the current all-time high of $65,000, when the LMACD crossed bearish and the downtrend first began. After last night’s weekly close, however, things have flipped back bullish for the first time since. Weekly momentum has crossed bullish above the zero line | Source: BTCUSD on TradingView.com Pivotal Point In Crypto ...

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