{"id":426274,"date":"2020-06-05T00:00:33","date_gmt":"2020-06-05T00:00:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=426274"},"modified":"2024-06-11T14:03:37","modified_gmt":"2024-06-11T14:03:37","slug":"bitcoin-rallied-300-signal-its-back","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-rallied-300-signal-its-back\/","title":{"rendered":"Bitcoin Rallied 300% Last Time This Signal Appeared. It Just Happened Again"},"content":{"rendered":"
After rallying as high as $10,400 earlier this week, Bitcoin plunged by nearly $2,000 in 24 hours on BitMEX. It was a move that liquidated over one hundred million worth of derivatives positions<\/a>.<\/p>\n Analysts were quick to respond to the move with expectations of downside in the crypto market. One trader shared that BTC’s price action is suggestive of a return to the $6,000s or $7,000s<\/a>. Others echoed this.<\/p>\n But according to a macro indicator last seen at the start of 2019’s bull run, bulls remain in control of the cryptocurrency market’s trend.<\/p>\n From the $3,700 lows seen in March, BTC has mounted a steep reversal in step with the stock market. Even after the aforementioned rejection, the cryptocurrency is still trading over 150% higher than those March lows.<\/p>\n The reversal has allowed Bitcoin’s trend to flip bullish on a macro time frame for the first time since early-2019, according to a trader.<\/p>\n He shared<\/a> the chart below to illustrate this point. It shows BTC’s macro price action along with a custom “momentum” indicator built by him and two<\/a> other<\/a> traders.<\/p>\n According to the indicator, Bitcoin<\/a> just saw a positive monthly momentum cross in response to the recent rally.<\/p>\nRelated Reading:\u00a0Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps<\/a><\/h6>\n
Bitcoin Prints Macro Reversal Indicator<\/h2>\n