Bitcoin has endured a wobbly past few weeks and months as BTC struggled to preserve its foothold within the five-figure price vicinity and has continued to face heightened selling pressure over the past a number of days and weeks.
This bearish price action has significantly interfered with the overall sentiment surrounding Bitcoin and the aggregated crypto markets, however one major technical indicator is now noting that the crypto might end the year on a higher note.
Bitcoin Struggles to Garner Buying Pressure as Sentiment Takes A Nose DIve
At the time of composing, Bitcoin is trading down nearly 2% at its present price of $8,050, which marks a noteworthy retrace from its recent highs of over $8,500 that were set previously today.
It is necessary to note that Bitcoin’s lackluster price action that has occurred over the previous – and numerous – days and weeks has been the outcome of its violent break below $10,000 that happened in September after the crypto broke below the apex of the bearish descending triangle that it had been caught in for the months prior.
BTC’s bearish price action since late has considerably obstructed the excitement that the markets had actually sustained throughout BTC’s parabolic rise in the very first half of 2019.
This ends up being perfectly clear while looking towards Twitter activity surrounding the Bitcoin keyword, which has actually dived as of late.
Technical Indicator Signals That End-Of-Year Will Be Positive Time for BTC
Despite the dwindling belief surrounding the aggregated crypto markets, it is crucial to note that the next couple of months may prove to be very positive for Bitcoin.
While talking to Bloomberg, analyst Mike McGlone described that BTC still stays in a positive position in spite of is recent price action and extended duration of combination.
“The Bitcoin maturation process will accelerate into the year-end as volatility declines in a more subdued price-appreciation process… The initial euphoric transition to a bull from a bear market is over, which should lead to an extended consolidation period, but with positive bias for similar reasons as gold,” McGlone said.
Additionally, the GTI Global Strength Indicator also approved Bitcoin its first buy signal since last December, which more than likely means that the impending few months may actually prove as being very positive for BTC and the aggregated crypto markets.
The coming few weeks may illuminate whether or not this buy signal is really emblematic of underlying bullishness, as the crypto is presently facing a notable amount of selling pressure.
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