Bitcoin (BTC) has moved back above $8,000 as a widely followed long-term indicator turns bullish for the first time in over a year.
The world’s largest cryptocurrency by market value is currently trading at $8,020 on Bitstamp – up more than $500 in the last 24 hours. Prices hit a high of $8,032 earlier today.
The 7 percent rise from the previous day’s low of $7,468 is noteworthy as the short-term technical charts had turned bearish earlier this week.
For instance, bitcoin dived out of a narrowing range on Wednesday, strengthening the case for pullback to $7,200 put forward by Monday’s “hanging man” candle.
The rise back to $8,000, therefore, could embolden buyers – more so, as the list of long-term technical indicators signaling a bull market continues to grow.
The latest to join the bandwagon is the 200-day moving average (MA) – a widely tracked barometer of long-term market trend.
The MA shed bearish bias (flattened out) in the first half of this month and is now beginning to curl upwards, further confirming a long-term bearish-to-bullish trend change signaled by several indicators over the last few weeks.