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BTC Bitcoin has risen sharply in the past 24 hours, exceeding $64,000. Investors remain cautious despite rising prices, but technical indicators once again show an upward trend in BTC.
As a result, Bitcoin\'s long-term moving average convergence divergence (MACD) indicator has turned positive. From a technical analysis perspective, a positive MACD turn is seen as a strong and reliable buying signal, indicating an increased probability that the upward trend will continue. 
Technical analyst Omkar Godbole said that the positive MACD turn indicates that Bitcoin\'s recent upward trend may continue, but stressed that key resistance levels must be exceeded to confirm a new bull market.
The analyst also pointed out that the long-term positive MACD indicator is an important technical indicator for Bitcoin and has historically shown high reliability. Therefore, analysts believe that the current signal strengthens expectations that BTC prices may continue to rise.
Analysts said: \"Before the market crash in October last year, the MACD indicator sent a sell signal, but after the buy signal appeared in December last year and February this year, the market rebounded significantly.\" This suggests that the indicator may be a reliable reference benchmark.
However, analysts warned that investors should not rely on just a single indicator to judge market trends.
However, analysts pointed out that it is crucial to continue to break through the strong resistance zone between US$65,000 and US$80,000 to turn the technical side completely into a bull market.
According to analysts, key resistance levels that need to be closely monitored in the US$65,000-US$80,000 range are as follows:
\"50-day simple moving average: approximately US$65,434\"
Previous peak level: approximately US$67,292
200-day moving average: approximately US$71,147
Highest open interest in options market strike price: approximately US$80,000
According to analysts, breaking through these levels could trigger a new bull market.
Bitcoin is experiencing the third longest consolidation period in history!
Analysts pointed out that BTC has shown reliable bullish signals, while Glassnode data shows that Bitcoin is experiencing the third-longest consolidation period in history.
Glassnode analysts said Bitcoin has been trading for 307 days in the price range of $60,000 to $70,000. As a result, this period was recorded as the third longest consolidation period in Bitcoin history.
Glassnode points out that the current period ranks third in BTC history, behind the 2018 bear market ($10,000 to $20,000 range) and the longer term consolidation of the 2022 bear market ($20,000 to $30,000 range).
Analysts also pointed out that US$58,000 is an important support level for the downside of BTC.
Finally, analysts said that the direction in which Bitcoin exits the consolidation process that lasts about 10 months may determine price trends. In particular, if the upper resistance area is exceeded, a new round of upward trend is expected to increase.
* This article does not constitute investment advice.
