Analysis: The MACD indicator shows that Bitcoin's momentum is rising, and it may break through $70,000

According to data from the chart platform TradingView, Bitcoin's Moving Average Convergence Divergence (MACD) histogram has turned positive on the weekly chart for the first time since April. This signifies that Bitcoin's momentum is rising again, with hopes of breaking through the long-standing pattern of hovering between $50,000 and $70,000.

The optimistic technical outlook aligns with industry consensus that as the Federal Reserve leans towards another rate cut and Republican candidate Trump who supports cryptocurrency becomes increasingly likely to win in the US election on November 5th. The weakening yen due to risk aversion could potentially drive Bitcoin to at least $100,000 by end of December. A similar MACD bull market crossover occurred last October when Bitcoin broke through a long-held resistance level of $30,000 and ultimately reached a historical high point exceeding $73,000 in March this year. The bull market crossover appearing at end-2022 marks bottoming out of bearish trend.