Bitcoin due key MACD bull flag repeat as BTC price freezes at $29.3K - Best crypto sites 2021
Bitcoin due key MACD bull flag repeat as BTC price freezes at $29.3K

Bitcoin (BTC) saw reduced volatility in the lead up to the July 30 weekly close, as traders anticipated a bullish signal in the long run.

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BTC price makes weekend ‘slower than ever’

Cointelegraph Markets Pro and TradingView data showed BTC/USD staying in a small $150 range over the weekend, indicating sideways BTC price action.

Despite the release of a number of macroeconomic data events during the week, conditions stayed steady, leading some to anticipate a breakdown.

Nevertheless, with hours remaining until the weekly close, there were still no signs of volatility returning. “This is the most compressed price action we’ve seen since the start of 2023 – the longer this continues, the bigger the move will be when it ends,” said Daan Crypto Trades, a well-known pseudonymous trader.

As reported by Cointelegraph, Bitcoin’s Bollinger Bands are exhibiting similar behavior to the beginning of the year, just before BTC price increased by 70% in the first quarter.

Examining movements among traders on the Binance BTC/USD order book, Material Indicators noted that buying pressure from whales was combined with increasing resistance closer to $30,000.

“We expect the guard rails to remain in place until we reach the Weekly and Monthly candle closes,” Material Indicators commented on July 29.

Bitcoin monthly MACD cross firmly on the radar

The market has been abuzz with the possibility of a bullish cross on Bitcoin’s moving average convergence/divergence (MACD) indicator on monthly timeframes.

Stockmoney Lizards expressed hope for the cross’s positive implications, though cautioned that it “doesn’t mean btc is already out of its summer correction mode.”

A chart showed a prior monthly MACD cross from late 2015, which preceded Bitcoin’s all-time high of $20,000 two years later.

Furthermore, a weekly cross in August 2021 foreshadowed Bitcoin’s current all-time highs in November that year.

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