Share this article
A Bitcoin Chart That Offers Hope to Battered Crypto Bulls
Bitcoin's price action since late April seems to have bullish undertones.
Updated Sep 11, 2024, 12:11 p.m. Published Sep 11, 2024, 12:11 p.m.
- BTC's price action since late April contradicts the persistently bearish MACD signal.
- The divergence means potential for a sudden bull revival.
Talk about bearish factors in the crypto market, and there are plenty right now, ranging from U.S. economic slowdown, yen strength, political uncertainty, and dwindling blockchain activity.
However, bitcoin's technical studies, particularly related to the weekly price chart, offer hope.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Technical analysis is often seen with skepticism, with critics likening it to "hocus pocus" due to its reliance on past data and indicators rather than fundamentals. However, how price behaves in relation to trend-tracking indicators can provide insights into the strength of ongoing price trajectory and potential momentum shifts.
In bitcoin's case, the weekly MACD histogram, gauging momentum using 12-week and 26-week exponential moving averages, has been negative since April, occasionally flashing the strongest bearish signal since 2022.
Bitcoin's price, however, has been locked in a slightly downward sloping channel between $50,000 and $70,000, forming a bull flag-like pattern, as opposed to a steep downtrend, contradicting the persistent MACD signal.
Thomas N. Bulkowski, one of the world's leading authorities on chart patterns, defines a bull flag as a period of consolidation characterized by a slight downward-sloping channel that follows a steep uptrend. The pause often refreshes higher, extending the preceding uptrend.
The combination of a persistently bearish MACD since late April and a flag-like price pattern hints at bullish vibes beneath the surface. In other words, sellers haven't been able to establish a strong downtrend, with losses persistently capped between $55,000 and $50,000 even during the panic-selling of early August.
The prolonged seller exhaustion means the potential for a sudden bull revival and price increases. Supporting that outlook are upward trending 50-, 100- and 200-week simple moving averages, indicating bullish momentum and the green Ichimoku cloud, a sign of long-term bullish bias.
That said, traders should keep an eye on the incoming macroeconomic data and trends in traditional markets.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Farcaster Switches to Wallet-First Strategy to Grow Its Social App
The protocol still consists of casts, follows, reactions, identities and wallets, and third-party clients are free to emphasize whichever components they want.
What to know:
- Farcaster is shifting its focus from social media to its in-app wallet and trading features to drive user engagement.
- Cofounder Dan Romero acknowledged the lack of sustainable growth in their social-first strategy over the past 4.5 years.
- The wallet's trading tools have shown the strongest product-market fit, leading to a strategic pivot towards financial use cases.
Top Stories
