Bloomberg Indicator Shows New Bitcoin Buying Trend As Crypto Bulls Push BTC Price to 2019 All-Time High
Bitcoin is currently trading at $4,155, according to data compiled by Messari, its highest level so far this year. BTC reached a previous high of $4,023 on January 7th. Bitcoin’s climb follows a long crypto winter that has extended the bear market and sideways trading, wedging BTC’s price between $3,217 and $4,000 since mid December.
Bitcoin is trading above $4,150 across major aggregators including CoinMarketCap and CoinGecko, and at $4,231 on WorldCoinIndex.
According to Bloomberg, a key indicator is flashing green.
“The move upward has opened a new buying trend, according to the GTI VERA Convergence Divergence Indicator, a tool used by traders who look at price history to predict future direction. The measure suggests it could see further upside, the last buy signal was triggered, it resulted in a 17 percent rally in under two months.”
Bitcoin’s 30-day volatility continues to sink.
“The digital token’s comeback has been so gradual that its 30-day volatility has sunk almost to levels last seen before the 2017 cryptocurrency mania, when it bounded close to $20,000 and grabbed worldwide attention.”
Traders largely ignored the US Securities and Exchange Commission’s move last week to delay decisions on two separate proposals for a Bitcoin exchange-traded fund from VanEck/SolidX and Bitwise Asset Management. An approval would have made either of the proposals the first fully regulated Bitcoin ETF, giving the world’s largest cryptocurrency the kind of legitimacy some analysts believe is necessary to bring in institutional investors.
But the markets dismissed the Commission’s decisions and lit a broader crypto rally with Dash, XRP and Ethereum all on the rebound.
Litecoin, currently trading at $60.54, has doubled in the first quarter of 2019.
Traders are now watching Bitcoin’s daily, weekly, monthly and Q1 close.
Pay attention to all your favorite shit coins.. Also pay attention to $BTC #BTC.. The Q1, Monthly, Weekly and Daily close all land on the same day (1st April). Where they close mattes. #AltSeasonIsHere #ProtectCapitalhttps://t.co/8INGfJjSkR pic.twitter.com/O0bo35Q8ml
— Trader Troy (@Daemon_Crypto) March 26, 2019
According to crypto analyst and Bitcoinist contributor Filb Filb, Bitcoin bulls are gearing up for a run, as the market consistently tries to establish a bottom.
“Bitcoin price completed the close of the Daily, Weekly, Monthly and Q1 in the green.”
“The Daily Chart for Bitcoin price paints an overall positive picture for the bulls. The previous week’s bear blockade at $4050, which was the task at hand for the bulls, was ultimately overcome last Friday.”