Bitcoin Indicator Flashes Buy for First Time Since $3,150 Bottom

f you’ve perused Crypto Twitter over the past few days, you’ve likely noticed an abundance of bearish price charts and opinions on the state of the cryptocurrency market. Even analysts that were calling for Bitcoin to soon surmount fresh highs just months ago have begun to feel the pressure of BTC’s 20% price drop back in late-September.

Sentiment is so bad that analyses charting Bitcoin to $2,000 or even lower have begun to be shared throughout the web. Ouch. But, an important technical signal recently flashed a buy signal for BTC, potentially showing that there isn’t much to worry about.

Have no fear bulls, a key technical signal recently flashed a buy, according to a recent Bloomberg article. Published on Friday, the outlet reported that the GTI Global Strength Indicator, “a measure of upward and downward movements of successive closing prices,” recently printed a buy for the first time since the cryptocurrency bottomed at $3,150 in the middle of December. It was added that Bitcoin’s ability to consolidate $8,000 is also a sign that BTC’s price has building upward momentum. Read More...