Bitcoin (BTC) is consolidating between $83,200 and $85,800, with a bullish MACD cross indicating potential upward momentum. Analysts suggest a rebound is possible, while tight trading ranges hint at significant market movements ahead. BTC’s hashrate reaches a new high, further suggesting it may be undervalued. Current trading price is $84,772, showing a slight decline.
Bitcoin (BTC) is currently consolidating within a tight price channel between $83,200 and $85,800. Expert analyst Titan of Crypto indicates a potential momentum shift due to a recent bullish signal from the Moving Average Convergence Divergence (MACD) indicator. The key support level at $83,200 may lead to a rebound or a test of the upper boundary at $85,800, which is critical for the next price movement.
According to Ali Martinez, BTC is trading within a range, with the possibility of movement towards $84,500 or the channel’s peak. Daan Crypto Trades adds that the current 4% trading range has led to significant long and short positions on both sides, hinting at the probability of a notable breakout. Investors are advised to monitor for any decisive movement outside the $83,000 to $86,000 range.
Merlijn The Trader supports this view, suggesting a potential short squeeze could occur after a brief dip, leading to positive upward movement of BTC. Meanwhile, Titan of Crypto notes a MACD bullish cross on the three-day chart, indicating increasing upward momentum that may target price levels as high as $135,000, although BTC is facing short-term resistance.
Despite recent volatility, Bitcoin has reached a new all-time high in hashrate, suggesting it may be undervalued. As of now, BTC is trading at $84,772, reflecting a slight decline of 0.7% in the past 24 hours. A critical observation is that the last MACD bullish cross played a significant role in driving BTC prices up by over 90% previously, marking the importance of this indicator for potential growth.
