Bitcoin has recently crossed above the 50-day simple moving average (SMA), a widely observed indicator of a short-term bullish trend. This breakout is validated by technical indicators including a fresh bullish crossover on the daily MACD histogram and a bullish cross between the 5- and 10-day SMAs, signaling growing upward momentum.
The recent upswing in BTC price is likely fueled by market expectations of a Federal Reserve rate cut anticipated this Wednesday and positive developments in the ongoing U.S.-China trade tensions.
Despite these encouraging signs, caution is warranted as the CoinDesk Bitcoin Trend Indicator (BTI), which gauges the presence, direction, and strength of momentum, continues to signal downtrend. Further, BTC prices remain below the Ichimoku cloud on the daily chart, a key resistance level. A decisive move above this cloud would confirm the bullish revival and potentially set the stage for a rally toward $120,000 and beyond.