Is Bitcoin shaping up for a new yearly high?
BTC Futures as of Wednesday officially broke out of the compression triangle it was caught in. Although it was not a huge move, Wednesday’s spike in volume concurs that the break to the upside may hint at an even longer extended rally in Bitcoin futures.
A few other technical indicators are pointing to the same conclusion such as the RSI is close to breaking through the upper band (showing strength of trend) of the relative strength index which has made its way to 60.4 and counting after hitting a low of 48 on May 26th.
Perhaps the biggest clue that BTC and its possible ascent are coming is the golden cross between the 50 and 200-day moving averages that seems likely to form in the next week. BTC’s first and only occurrence of this phenomenon signaled a $6,000 increase and occurred right around this time of year in 2019.