Watch This Bitcoin Indicator To Know If A Run To $100,000 Is Coming
Bitcoin‘s (CRYPTO: BTC) recent close above its bull market support band may be a potentially significant technical development, but the next two weeks will be crucial for determining whether this breakout is sustainable or merely another false signal.
What Happened: Cryptocurrency analyst Benjamin Cowen said in his latest podcast update on Monday that investors should pay attention “anytime Bitcoin closes above either the 20-week simple moving average (SMA) or the 21-week expontential moving average (EMA).”
The bull market support band—consisting of these two moving averages—has historically served as a key indicator for Bitcoin’s momentum.
Bitcoin has attempted similar breakouts twice already in 2024, with both July and August seeing the cryptocurrency briefly rise above the support band before failing to hold these levels.
According to Cowen, the current situation mirrors those previous attempts, with …
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