Bitcoin Price Indicator Turns Bullish for First Time in 8 Months

The list of indicators signaling a long-term bullish reversal in bitcoin continues to grow with each passing week.

The latest to join the list is the MACD histogram, which has moved above zero - turned bullish - for the first time since January.

The bullish turn of the MACD adds credence to BTC's strong defense of the psychological support of $6,000 in the last 10 weeks.

As seen in the chart above, the histogram has moved above the zero line for the first time since January.

The bullish turn in the MACD is accompanied by a falling channel breakout.

It seems safe to say that the outlook as per the weekly chart is bullish.

As a result, BTC could explore the upside towards the July highs above $8,500 in the next few weeks.

On the other hand, a high volume bullish breakout would signal a continuation of the rally from the August low of $5,859.

View A combination of the falling channel breakout and the bullish weekly MACD indicates scope for a rally to the July highs above $8,500.

A bullish breakout could yield a rally to $7,500, while a downside break would shift risk in favor of a drop to $7,000.