Bitcoin (BTC) has climbed above its 50-day simple moving average (SMA), buoyed by a bullish crossover on the daily MACD histogram and between the 5- and 10-day SMAs. This price movement is driven by market expectations of a potential Federal Reserve rate cut and easing trade tensions between the U.S. and China. Despite this upward momentum, the CoinDesk Bitcoin Trend Indicator (BTI) continues to signal a downtrend, with BTC still trading below the Ichimoku cloud, a significant resistance level. A breakout above this cloud could potentially propel Bitcoin prices toward $120,000.
Bitcoin Rises Above 50-day SMA Amid Fed Rate Cut Speculation
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