RATE Group | Technical Sign Hints Bitcoin (BTC) Could Surge to $17,000
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Technical Sign Hints Bitcoin (BTC) Could Surge to $17,000

04 Aug Technical Sign Hints Bitcoin (BTC) Could Surge to $17,000

Posted at 04:44h in Bitcoin News by

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Bitcoin (BTC) has managed to claw back some of its losses made in July. After trading below $10,000 for over a week, the cryptocurrency broke out, reclaiming the auspicious five-figure price point as outlined in this NewsBTC report.

Since then, the ball has been in the court of bulls, so to speak. As of the time of writing this, Bitcoin is trading at $10,500, having rallied by around 10% in the past week.

While BTC has yet to close above the key resistance levels of $10,600 and $11,000, the market could be ready to continue higher.

Related Reading: Largest UK Newspaper Raises Dwindling Bitcoin Supply to Millions of Readers

Bitcoin to See 60% Rally? 

As spotted by prominent analyst Joe McCann, the one-day Bitcoin chart recently printed a strong signal. The Moving Average Convergence Divergence (MACD), an indicator that tracks trends, recently saw a bullish crossover, printing a green candle on the histogram.

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