Bitcoin’s Latest Leg Higher Brings It Above a Crucial Macro Level

It shows that since early 2018, that level has been of absolute importance to Bitcoin bulls, marking the highs multiple times in 2018, in 2019, and even earlier this year during the summer breakout. Bitcoin will need to close above $11,828 on a weekly time frame if it is to confirm its macro bullish trend.

His analysis of the indicator shows that since 2013, it has had an 80% hit rate in calling Bitcoin bull trends. On-chain trends also favor Bitcoin bulls.

Timeline of Bitcoin