Long-Term Bitcoin Price Indicator Rises for First Time in a Year

View Bitcoin has risen back to $8,000 with the widely tracked 200-day moving average beginning to curl upwards in favor of the bulls for the first time since May 2018.

A bull flag breakout seen in the hourly chart indicates scope for a rise to $8,400.

Bitcoin has moved back above $8,000 as a widely followed long-term indicator turns bullish for the first time in over a year.

Bullish 200-day MA. As seen above, the 200-day MA has turned bullish for the first time since May 2018.

The 200-day MA's bullish turn likely reflects the recent price rally.

As for the next 24 hours, BTC could rise to $8,300, according to a bull breakout seen on the short-term technical charts.

BTC witnessed a bull flag breakout on the hourly chart earlier today - a continuation pattern that often accelerates the preceding bullish move.

On the 4-hour chart, the moving average convergence divergence histogram has crossed over to bullish territory above zero and the RSI has violated the falling trendline in favor of the bulls.

The bulls need to observe caution, as trading volumes have dropped over the last seven days as seen in the chart below.

Bitcoin image via Shutterstock; charts by Trading View.