Skip to content

Bitcoin crosses first bullish cross in over a year; What next?

Bitcoin crosses first bullish cross in over a year; What next?

As Bitcoin (BTC) has started to recover the losses suffered during the last cryptocurrency market dip, technical analysis (TA) indicators signal that a more significant rally could be in store for the flagship decentralized finance (DeFi) asset in the near future.

Specifically, Bitcoin has recently crossed its first bullish cross (weekly stochastic relative strength index – RSI) at such a low level for the first time since July 2022, according to the observations shared by a pseudonymous cryptocurrency analyst Moustache a.k.a. el_crypto_prof on September 18.

Bitcoin bullish crosses. Source: el_crypto_prof

$28,000 – $31,000

In addition to this bullish sign, cryptocurrency trading expert Ali Martinez has noted a buy signal at Bitcoin’s three-day chart by the TD Sequential indicator, a TA tool created by market analyst Tom DeMark and used to assess the potential trend reversals and continuation patterns in financial markets, including the cryptocurrency market. 

Indeed, according to Martinez, “a boost in BTC buying pressure might drive prices to the channel’s mid or upper boundary – targeting $28,000 or $31,000.” However, he still recommends watching the “TD Risk Line at $24,500,” which he identified as the “key invalidation point” for the prognosis.

Bitcoin price action analysis. Source: Ali Martinez

Bitcoin price analysis

As things stand, Bitcoin is presently changing hands at the price of $27,119, recording an advance of 1.92% in the last 24 hours, as well as an increase of 5.56% across the past seven days and a 4.67% gain over the previous month, as the most recent charts indicate.

Bitcoin 7-day price chart. Source: Finbold

As it happens, Bitcoin has finally managed to break the important psychological level at $27,000, and further increases could be in store for the maiden crypto asset as long as the indicators remain bullish and keep attracting optimistic sentiment among investors on the wider market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.