The post Is Bitcoin (BTC) Primed for a Massive Leap? Technical Signs Say Yes appeared on BitcoinEthereumNews.com.

TLDR: Bitcoin price holding above $67,000 resistance zone Technical indicators suggest potential for further gains Trump presidency prospect providing momentum for crypto assets Historical patterns indicate possible 60%+ rally for Bitcoin Analyst Henrik Zeberg identifies alignment of three critical technical indicators Bitcoin, the world’s leading cryptocurrency, continues to trade near the $68,000 mark as multiple technical indicators suggest the possibility of further gains. The digital asset has shown resilience in recent days, maintaining its position above the $67,000 resistance zone despite minor pullbacks. As of Friday, October 18, 2024, Bitcoin was trading at approximately $67,875, up 0.6% over the past 24 hours. The cryptocurrency has experienced a notable 12% increase over the past week, with market analysts attributing part of this momentum to the prospect of a Donald Trump presidency. Trump, known for his support of digital assets, is currently leading in recent polls for the upcoming U.S. presidential election. The potential for a more crypto-friendly regulatory environment under a Trump administration has fueled optimism among investors. This sentiment is further bolstered by the involvement of high-profile crypto enthusiasts like Elon Musk in Trump’s circle of supporters. Many in the crypto community believe that a Trump victory could lead to a more favorable regulatory landscape for digital assets in the United States. From a technical analysis perspective, several indicators are aligning to suggest the possibility of a significant upward movement in Bitcoin’s price. Macroeconomist Henrik Zeberg has identified a pattern across three critical technical indicators that have historically signaled major price rallies when they converge. The Relative Strength Index (RSI), a momentum indicator, has broken above a descending trendline and is positioned above the 50 mark, often interpreted as a sign of growing bullish momentum. Simultaneously, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, with the faster-moving…

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Filed under: News - @ October 18, 2024 2:21 pm