Cryptocurrency and BTC holders are currently enjoying a great time as the price of Bitcoin improved on February 10. The price improvement took place after the Bureau of Labor Statistics in the United States revealed a 7.5 percent CPI or Consumer Price Index. It also suggests that inflation continues to be steep with fiat currencies bleeding out their power of purchasing.
On February 9, the price of the BTC was around 44, 000 USD with its investors breathing a sigh of relief. According to TradingView and CoinTelegraph Markets Pro data, Bitcoin/USD acted in the definition recently without drastic downside pressure.
Credible Crypto tweeted that there is a monthly resistance and a pullback is expected. Additionally, the value in the range of 38k to 40k, which is a higher low, would still be considered healthy.
However, the long-term picture told a different story altogether based on the interpretation and source of macro markets phenomena. Some felt that the current year would not be a difficult ride while others wanted a “melt-up” in stocks to aid BTC.
Classic bull signal by MACD
February 9 witnessed a bullish chart signal returning in another development. The MACD (Moving Average Convergence/Divergence) of Bitcoin made it a prominent frontrunner of 2021’s bullish phases. IT also printed a fresh major crossover this week. Matthew Hyland has an interesting stand on the event’s implications on the basis of historic patterns.
Hyland mentioned that he had been waiting for the crossing of this key reversal indicator for around a month now, which has eventually occurred.