The cryptocurrency news today show that Bitcoin plans to move higher and a key BTC indicator flashed green, triggering a potential bull run. As the new week begins, a group of measurements are combining to make traders firmly bullish on BTC.
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Dubbed the Guppy, this indicator is leading the positive signs but has been forgotten. This is a collection of exponential moving averages and has flashed green on the daily chart for the first time in around 300 days.
This interval is significant and the last slip from red to green for Guppy was on April 9, 2019. The key indicator then coincided with Bitcoin’s rapid rise to highs of ,800.
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Before this, Guppy also turned bullish on January 14, 2018, when BTC briefly rose above $9,000 on the way down from its all-time high a month earlier.
A second sign that the bullish momentum is building for Bitcoin lies in the Puell Multiple. Used to identify the crypto price cycles, this tool allows traders to tell from a miner’s perspective when the value of newly-minted Bitcoins is historically too high or too low.
The Puell Multiple indicator spiked during the 2017 highs and bottomed a year later in January 2019 when the BTC/USD pair traded at under $4,000. At present, the indicator suggests that BTC is significantly close to the “too low” area compared to its lifetime highs.
Zooming in, there is steady enthusiasm already creeping into traders’ forecasts. According to Michael van de Poppe, the current action means that $8,000 has now formed a fresh support level.
BTC/USD gained around 3.8% since Friday, having bounced off the local lows around $8,200. “Nice breakthrough of $8,600 level and we’re back in the range. This means that the $8,000-8,100 level has now flipped as support,” he summarized in a tweet on January 27.
Nice breakthrough of $8,600 level and we're back in the range.
This means that the $8,000-8,100 level has now flipped as support.
Eyeing to see a retest of $8,500. Holding that and we can aim for $8,900. pic.twitter.com/bQKyGYSzNy
— Michaël van de Poppe (@CryptoMichNL) January 27, 2020
The key BTC indicator which flashed green also led van de Poppe to think that “a retest of $8,500” is possible after which “we can aim for $8,900” as he said.
A classic guidance signal for Bitcoin is also the Mayer Multiple, which is firmly supportive of Bitcoin as a buying opportunity this week. Meanwhile, the Bitcoin news now show that the leading cryptocurrency is at $8,643 with a 2.30% increase on the day.
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