Bitcoin is experiencing a significant surge, moving toward the $70,000 mark, driven by renewed bullish momentum in the market. A widely-tracked momentum indicator, the MACD, has turned positive for the first time since April, which has historically signaled the start of rallies.
Last seen during major upswings in late 2022 and throughout 2023, the MACD's positive flip supports the likelihood of a breakout above the $70,000 threshold. Bitcoin has risen nearly 30% from its September lows, already reaching $69,500 in recent trading.
This price surge reflects a strong market sentiment as traders and investors speculate on further price increases, encouraged by the observed technical signals and economic factors potentially driving demand for Bitcoin.
