Bitcoin (BTC) ended the week somewhat above $7,500 up 1.56% ($115), which signals the first positive week since the end of the first week of August. Today, Bitcoin reached a high at $7,660 following and a low at $7,370 with most of the price action taking place in the second half of the day.
Bitcoin ended the week back above the 50 and 100 weekly moving averages (WMA), which at the time of writing are now surpassed bullish. This typically occurs in advance of bull markets in previous Bitcoin cycles.
The prevailing price action is taking place off the back of two green weekly candles and this means Bitcoin is being supported above key moving averages — that while crossed bullishly — remain directly below the weekly resistance at $7,600.
Selling volume has been relatively flat as of late and is in drop across recent weeks overall. The moving average convergence divergence (MACD) histogram is showing a higher low, which is encouraging for the bulls. But the MACD itself is below zero, which is bearish.
It will be crucial for the bulls to push the price of Bitcoin across $7,600, which is currently being squeezed and reclaiming the range above it will provide a clear sign that the overall descending trend is beginning to reverse.
