Bitcoin flashes bullish signal on weekly chart after 3.5 years

Bitcoin changed hands at $82,430.99 with a daily loss of 1.48%, while flashing a critical signal on weekly technical indicators. Having closed the previous session at $83,673.01, the leading cryptocurrency fluctuated in a band between $82,467.39 and $84,230.83 during intraday trading.

Which technical level was surpassed on Bitcoin's weekly chart?

According to the weekly chart shared by Raymond James analyst David Cox, Bitcoin's 13-week exponential moving average crossed above its 34-week average. This move marked the first bullish crossover recorded on the chart after 3.5 years.

No clear catalyst emerged to accompany the daily pullback in prices; trading continued within existing technical levels. Trading volume in the Bitcoin market over the past 24-hour period reached approximately $22.3 billion.

How did volume take shape in the cryptocurrency market over the last 24 hours?

A cautious tone also prevailed among the major assets of the cryptocurrency market. Having closed the previous session at $2,534.30, Ethereum fell by a daily 0.11% to the $2,531.59 level. Moving between $2,524.22 and $2,575.38 during the day, the asset's 24-hour trading volume stood at approximately $12.3 billion.

Dogecoin, meanwhile, saw a flat and slightly seller-dominated trend. Maintaining its previous closing band of $0.09, the asset retreated 0.90% on the day to trade at the $0.09 level. Total 24-hour volume in Dogecoin transactions stood at approximately $666.3 million.

This content is for information purposes only and does not constitute investment advice.