After months of struggling with price falls and a bearish market, there seems to be light at the end of the tunnel for Bitcoin investors around the world. And after starting the year on fire and reaching new levels when it comes to price, the world’s most prominent cryptocurrency has been stumbling for months. However, that figures to change.

A little over a week ago, the outlook was still bleak for Bitcoin holders, with no tangible value gains and even closing its first year with value losses. Yet, after a few days and a couple favorable swings, the price is starting to rise.

At the time of writing this article, Bitcoin was trading at $6,485.45, which represented a 0.76 percent fall in the last 24 hours. However, the coin is threatening to go up in a hurry, and at one point on Wednesday it surpassed the $6,525 threshold.

In fact, the cryptocurrency is eager to climb towards the $6,800 range if the latest technical indicators are to be believed, as they have grown increasingly “bullish” in the last day. Taking the 14-day RSI (Relative Strength Index) into account, it is evident that the future is bright for BTC, as it jumped to 59.04 on Wednesday, which is its highest value since the start of September. The RSI is the indicator that measures the speed and change of price movements.

If the digit surpasses 50, it is a strong indication that bullish forces are positively influencing the digital coin in question, in this case, BTC. We can conclude that Bitcoin is looking its most bullish in, at least, a couple of months.

On the Verge of a Breakout

While some specialists within the industry need to see more developments to call that a bullish move, the RSI is an encouraging sign nonetheless. However, there are other indicators that back up the thesis.

Thanks to a bullish symmetrical triangle breakout that happened in the weekend, BTC surpassed the 50-day Exponential Moving Average, or EMA, this Wednesday. Additionally, the 5-and-10-day EMA are also going up.

Nothing is written in stone as of now. On Wednesday night, Eastern time, BTC went down all the way to $6,482 range. However, if the digital asset manages to stabilize in the next few hours over the $6,500 threshold, look out before there could be the talk of a real breakout.

If investors want to keep looking for potential good news in the near-term, they can also look at the Moving Average Convergence Divergence (MACD) histogram, as it is also rising as we speak.

Bottom line, the technical indicators are the real developments backing up a potential Bitcoin breakout, which would be the investor’s dream. Remember what the planet’s most famous and valuable cryptocurrency is capable of. The price action is also showing bullish signals.

The Magic Number

Experts and specialists in the crypto universe seem to agree in the next number that Bitcoin’s price could hit in the short-term: $6,800, as everything seems to be in place for it to reach that number. Any development that goes above the 50-day SMA (Simple Moving Average) of $6,642 on the three-day chart can mean that all bets are off.

By Andres Chavez

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