Bitcoin and the aggregated crypto market are still battling for significant momentum.
BTC has broken its recent lows, but remains in a somewhat precarious position as price continues to move sideways.
Where BTC goes next will likely depend largely on the stock market, which has had a strong impact on price behavior
Still, Bitcoin’s independent strength remains as most of the on-chain indicators flash bullishly.
An analyst is now finding that the cryptocurrency was able to post an incredibly bullish technical crossover.
He comments that this transition has an 80% success rate, which could mean a serious uptrend is imminent in the short term.
Bitcoin and the entire crypto market have struggled to gain momentum in the past few days and weeks.
This has largely led both bulls and bears to an impasse as BTC consolidates at around $ 11,400.
Where the coin heads in the near future could largely depend on its reaction to the resistance at around $ 11,600, as continued trading below that level could open the gates for further downside moves.
One analyst, however, comments that Bitcoin has only just been able to see an extremely bullish technical crossover – which seems to indicate that an upward move is imminent.
Bitcoin continues to consolidate – correlation to stocks remains
At the time of writing, Bitcoin is trading at $ 11,450. This is roughly where it has been traded for the past few weeks.
The lack of momentum that BTC has seen lately is due to a period of consolidation within the stock market.
All eyes are now on whether a phase 2 stimulus package will be released in the near future. Investors also wait for the results of the election before rushing into positions.
This indicator shows that Bitcoin is about to take a big boost
One trader comments that Bitcoin has just released a bullish so-called TK-Cross over its cloud. He notes that historically this has resulted in a strong upward move – with 80% confidence.
„Earlier bullish TK crosses with a price above the cloud … You can decide for yourself whether you want to use the 80% hit rate.“
If history rhymes, this pattern suggests that some serious bullish move could be imminent for Bitcoin .