Bitcoin’s ‘MACD’ Indicator Threatens Long-Term Bullish Bias as Rate Hike Fears Linger

Bitcoin’s ‘MACD’ Indicator Threatens Long-Term Bullish Bias as Rate Hike Fears Linger

Bitcoin's long-term bullish outlook is in danger of being invalidated on technical charts as the cryptocurrency reels under selling pressure, stemming from adverse macro factors.

The cryptocurrency's monthly moving average convergence divergence (MACD) histogram has crossed below zero, a so-called sell signal, indicating a bullish-to-bearish trend change on the longer duration price chart.

"There is an unconfirmed monthly MACD 'sell' signal that would support a long-term bearish bias if confirmed alongside a breakdown [of support at $37,400]," Katie Stockton, founder and managing partner of Fairlead Strategies, said in the past week's research note.