• (BTC), after a nine-week long retracement finally closed on a positive note.
• BTC’s price posted a 5.19% gain in the last 24 hours.
• TA is yet to confirm that we’re entering a bull market with BTC.

Bitcoin (BTC), after a nine-week-long retracement ended on a positive note. It posted a green weekly candle, the first in this retracement. Is there any confirmation that the BTC market leader is in a bull trend now that it has broken from its current downtrend?

According to the crypto market tracker, CoinMarketCap, BTC’s price posted a 5.19% gain in the last 24 hours. BTC has posted a weekly gain of 1.94% over seven days, according to CoinMarketCap.

BTC’s price has also broken past the key $30k level, which has been a long-standing resistance level for BTC, as the price of BTC is around $31,294.37 at the time of writing (9:05 GMT + 2). Crypto trading volumes have also increased, with an increase of 56.38%. This can be explained by the fact it’s the beginning of the week.

BTC still has some momentum (Source TradingView)

The weekly BTC chart shows that after the nine red candles streak, the first green candle was formed. BTC still has a lot of bearish momentum to overcome on its weekly chart before it can be confidently said that they are going into a bull market.

If the BTC price is able surpass the $33k resistance, it will be an important confirmation. This will also elevate BTC’s price above the 9 EMA line, which, at the moment, is underneath the 20 EMA line. It is still bearish.

The RSI SMA is another indicator worth watching. It is currently sloped in a positive direction towards the RSI SMA. A small bull run will be confirmed if the RSI line breaks above the RSI SMA line and BTC’s price rises above the 9 EMA and maintains that position.

Lastly, if we see the 9 EMA Line crossing the 20 EMA Line, we will be able to expect several weeks of BTC price increases.

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