"Bitcoin breaks above the 50-day moving average… whether the uptrend will continue is uncertain"
Summary
- Bitcoin was reported to have broken above the 50-day moving average, showing a positive technical signal.
- The daily MACD and the bullish crossover of the 5-day and 10-day SMAs were also said to suggest additional upward momentum.
- However, the Bitcoin trend indicator still shows downtrend signals, making it difficult to be confident in a sustained uptrend.
Bitcoin (BTC) recorded gains that day and was reported to have broken above the 50-day moving average (SMA). However, some indicators have detected sell signals, so it is difficult to say decisively that a bull market has arrived.
On the 27th (Korean time), crypto-focused outlet CoinDesk reported that Bitcoin had moved past the 50-day SMA, showing a positive technical signal. In addition, the daily MACD (moving average convergence/divergence) and the bullish crossover between the 5-day and 10-day SMAs also indicated upward momentum for Bitcoin.
This rise was analyzed as being driven by positive market conditions such as expectations of rate cuts by the U.S. Federal Reserve (Fed) and easing U.S.-China trade tensions.
However, the outlet added, "CoinDesk's Bitcoin trend indicator still warns of a downtrend," and "it is difficult to be confident in a sustained rise in Bitcoin."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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