Bitcoin recently flashed some key bullish indicators, but low volume suggests that big traders are still cautious.
Bitcoin is finally showing some bullish signs. On Thursday, April 18, Scott Melker, known as The Wolf Of All Streets to his many followers, pointed out that Bitcoin (BTC) closed above the 50-day simple moving average with a strong candle. While the price corrected to $84,349, it is still above the 50-day SMA level of $84,202.
This action hasn’t happened since February 3, indicating a potential positive shift in momentum. However, other indicators raise doubts. For one, while Bitcoin is trading above the 50-day SMA level, it is still below the 50-day exponential moving average, which is at $85,328.