Bitcoin Hits Cycle Bottom Equivalent with Bullish MACD Cross

A recent analysis suggests that Bitcoin has reached its cycle bottom equivalent for Q4 2022. According to CryptoMichNL, the 2-week MACD (Moving Average Convergence Divergence) indicator has flashed a bullish cross, which is a signal that major lows are behind us.

This bullish cross is significant because it occurred at what appears to be the precise cycle bottom equivalent for Q4 2022. This implies that the structure of the market is shifting into a sustained bull market for BTC, potentially arriving earlier than in prior cycles due to differences in liquidity and adoption.

However, as the price tests upper Bollinger resistance at $79,999.79, the RSI (Relative Strength Index) flashes overbought at 70.6. This suggests that a healthy retracement to the 50-EMA support at $71,438.47 is likely before further continuation.

The 4h MACD also prints a death cross at 2,188.67 inside the bands, which could indicate potential volatility in the near term.