The past few weeks have been an explosive time for Bitcoin. The cryptocurrency, which was trading at $ 6,000 in early April, hit a whopping $ 9,500 last week.While the ongoing rally in the $ 8,000 region has stalled, BTC remains at $ 8,800, analysts expect upside potential.Behind this sentiment is a cluster of technical and fundamental signs that show that bulls are likely to have the upper hand on the Bitcoin market.
The same signal that marked the start of the 2019 crypto bull run has just been discovered
Last week, the convergence / divergence of the moving average (MACD) on Bitcoin’s week-in chart turned up, suggesting a medium-term impending bull market.The MACD is described as an indicator that shows “changes in the strength, direction, momentum and duration of a trend”.
Bitcoin is finally starting to disconnect from stocks
In the past few days, the largest cryptocurrency has started to decouple strongly from stocks. This is illustrated in the graphic below by Charles Edwards, a digital asset manager.This is important in the event of a bull market, as analysts feared that a decline in the S&P 500 could also send Bitcoin onto the boards.