Bitcoin's price is now about $44,000 and the MACD has given us a long-awaited bull signal

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The lack of short sellers contrasted with a slew of predictions on where Bitcoin price movement may lead next, as Bitcoin (BTC) traded at $44,000 on February 9 after a modest advance toward the Wall Street open provided support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Melt-up or breakdown?

Traders were primarily concerned with a potential retracement, which had the ability to erase virtually all of recent gains. BTC/USD has been trading in the range defined in recent days without significant downside pressure, according to data from Cointelegraph Markets Pro and TradingView. The price ranged between $44,000 and $42,000 over

“Now that we have reached monthly resistance, we may expect a decline. Even if this happens, a higher low of 38K–40K would be “good,” followed by continuation to 50K+ and reclaiming our monthly barrier after which point, I’ll set my sights on another ATH,” Credible Crypto tweeted.

The future picture varied significantly depending on the source and interpretation of macro market trends. While some people hoped for a “melt-up” in equities that would also assist bitcoin, others were doubtful that 2022 would be an easy year.

With short sellers purged, the fear of being left with diminished liquidity should have lessened pressure to drive BTC/USD down in order to collect funds. “The most important question is: How much more pain can we put people through?” Twitter user Crypto5max asked.

The MACD delivers a classic bull signal.

On February 9, a popular bearish chart signal returned, which has one analyst particularly excited. This week’s MACD moving average convergence/ divergence (MACD) is a key frontrunner for bullish phases 2021 and prior. The implications of the event are obvious, according to historical patterns. “I’ve been waiting and refreshing this important reversal indicator for nearly

BTC/USD annotated chart with MACD. Source: Matthew Hyland/ Twitter

Last week, Bitcoin’s relative strength index (RSI) also soared, breaking out of a downtrend that had been in place since November’s all-time highs.

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