Bitcoin has registered a bullish MACD crossover on its weekly chart, indicating a potential new rally ahead. The cryptocurrency is stabilizing near $68,000, laying the groundwork for possible upward movement.
MACD Crossover Points Toward Upward Momentum
On April 21, market analyst JavonMarks reported that Bitcoin's MACD has formed a bullish crossover on the weekly chart. In the post, he referenced past crossovers that occurred in early, mid, and late 2023, each followed by upward price movement.
These previous signals were closely aligned with local price bottoms, suggesting potential momentum shifts favoring buyers. The MACD line has begun to move upward from oversold territory, crossing above the signal line.
According to JavonMarks, the last crossover led to a price increase of roughly 81%. He suggested that the current crossover could mark the start of another upward trend.
Weekly and Monthly Structures Reinforce Bullish View
The recent MACD formation is not the only technical pattern catching market attention. Another analyst, MerlijnTrader, noted on April 21 that Bitcoin has completed a monthly 'Head & Shoulders' pattern. His tweet emphasized the breakout and retest, with a price target of $340,000 now in play.
He added, 'You're not late. The real bull run hasn't even started,' suggesting more upside potential remains. This structural breakout pattern is commonly watched by traders to identify trend direction over longer timeframes.
Market Performance Reflects Growing Interest
Bitcoin was trading at $91,229.18 according to market data at the time of writing. Over the past 24 hours, the asset rose by 4.61%, with a 7-day increase of 8.53%. Daily trading volume reached $45.5 billion, indicating active participation.
The alignment between recent technical setups and rising price levels has increased market focus on Bitcoin's near-term trajectory. If current momentum holds, traders may continue to watch for sustained price movement and increased volume support.
Current technical signals and growing interest in Bitcoin suggest a possible beginning of a new bullish cycle. Traders and analysts remain optimistic as they monitor further market developments.
