Data Showed Bitcoin Could Be Going Higher. Why Is The Price Flat?

Story by: Billy Bambrough

Bitcoin has been trying hard to break the psychological $4,000 mark over recent months, repeatedly moving above the line only to fall back.

The bitcoin price, down some 80% from its all-time high set almost a year and a half ago, has been stuck in a long-running bear market despite a raft of positive news and data that suggests bitcoin, along with the wider cryptocurrency market, could be about to make a major move.

Now it appears the brief rally that saw bitcoin climb from around $3,100 in mid-December to almost $4,000 could be over.

bitcoin, bitcoin price, image

The bitcoin price has moved higher lately, although many investors and traders had been hoping for a stronger, longer rally.GETTY

The bitcoin bulls have been out in force over the last few weeks, making bold predictions about how high the bitcoin price could eventually go and jumping on news that the bitter crypto winter could be coming to an end.

The bitcoin price, which began February at a little over $3,400 per bitcoin, added some 11% over the month, breaking its six-month losing streak.

But the latest technical data now shows the long-term buying demand for bitcoin has deteriorated, which could mean selling pressure could increase—bitcoin’s Moving Average Convergence Divergence indicator has been steadily falling since mid-February, Bloomberg first reported.

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