 Bitcoin MACD prints first bullish BTC price signal since October 2023 
2024-10-23

Bitcoin BTCUSD dropped to one-week lows on Oct. 23 as a return to support tested bulls’ resolve.
BTC price consolidation fails to dent optimism 
Data from Cointelegraph Markets Pro and TradingView showed BTC price weakness delivering $60,063 on Bitstamp. 
Down around 1.5% on the day at the time of writing, BTCUSD added to an existing comedown, which preserved $69,000 and above as resistance.
While market observers had anticipated such a scenario, popular trader and analyst Rekt Capital suggested that the weekly close would be a key cut-off point for short-term trend strength.
Uploading the weekly chart to X, he flagged the area just below $66,500 as the level to clinch by the end of the week.
“Previous Channel Top resistance (red) is now being retested into new support (green). The retest is underway,” he commented.

An optimistic view came from popular trader and market analyst CryptoBullet, who leveraged the moving average convergence/ divergence (MACD) indicator to provide relief to those anxious for BTC price upside to return.
“Weekly MACD crossed bullish for the first time since October 2023!” he summarized on the day.
MACD is a trend strength indicator that uses two moving averages to compare recent price action with longer-term behavior. Crossovers give information about the strength of new price moves.
CryptoBullet argued that this time around, the landscape on BTCUSD was more reminiscent of 2021 — just a month before the pair hit its old all-time highs of $69,000.
The “same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction” corresponds to Bitcoin’s rangebound price action since its latest all-time highs in March.
“Now $BTC is breaking out of that multi-month consolidation as MACD crosses bullish again,” he concluded.

Bitcoin, Ether still “well-supported”
As Cointelegraph continues to report, macro volatility catalysts for crypto focus on the upcoming United States Presidential Election, the Federal Reserve’s next meeting on interest rates on Nov. 7 and economic data.
In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital argued that the key data print before the Election and Fed event would be nonfarm payrolls (NFP), due for release on Nov. 1.
“All eyes are on the NFP release next Friday as uncertainty around the labor market persists,” it wrote.
QCP added that both Bitcoin and largest altcoin Ether (ETH) “remain well-supported with potential upside, ahead of the job data release and the elections.”
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