Bitcoin's Price Surge Sparks Hope of Cycle Bottom Being Reached
Bitcoin's price surge has caught the attention of CryptoMichNL, who believes that a combination of factors has contributed to this upward move. According to him, the postponed Clarity Act, the Coldcard hack, Michael Saylor selling, and Bitmex failure have created an 'ultimate cocktail' that has lifted the price and increased the probability that the 2026 cycle bottom is already in.
The current price of Bitcoin is above the EMA50 at $77,476.76 and well clear of the EMA200 at $71,134.28. The MACD golden cross remains intact at 62.56, indicating a bullish structure, while the RSI is still neutral at 54.82.
The price of Bitcoin is currently trading within the Bollinger band, and the next logical test will be at the upper-band resistance of $79,341.97 before any deeper pullback to the 50-EMA support zone.