Bitcoin (BTC) is currently teetering around $44,000 as a modest push for Wall Street’s open and helping to strengthen support levels.

BTC/USD 1 hour frame chart | Source: TradingView

Peak or collapse?

Data from TradingView shows that Bitcoin has been operating within the defined range for the past few days with no downside pressure.

Traders oscillating around $44,000 are primarily concerned with a possible retracement that may nullify all of the bulls’ recent bullish moves.

“Now that Bitcoin is facing monthly resistance, the market could see a pullback. Even if that happens, a higher low between $38k and $40k would be healthy, followed by above $50k and improving monthly resistance, I would target a new all-time high,” Credible Crypto arguments on twitter.

The long-term picture varies greatly depending on the source and interpretation of macro market phenomena. While some are calling for a similar collapse in stocks and bitcoin, others don’t think 2022 will be a great year.

Has #Bitcoin On the ground? It looks unlikely if #stock market Hasn’t – Most assets in 2022 face strong deflationary forces from the excesses of 2021, but Bitcoin appears well poised to prevail as it matures into global digital security status and shows varying degrees of strength pic.twitter.com/oI7dhRvq1i

— Mike McGlone (@mikemcglone11) February 9, 2022

“Bitcoin has bottomed out? Seems unlikely if the stock market doesn’t – Most assets in 2022 face massive deflationary forces from the excesses of 2021, but Bitcoin seems to have succeeded as it matures with global digital collateral status and shows another strength “.

An opposing theory argues that with the shorts shattered, there will now be less pressure to push Bitcoin lower for liquidity.

“The big question is: How many more casualties will there be? All liquidity is taken from short position holders, no selling pressure. The market has undergone a perfectly healthy reset while maintaining a bullish structure over large periods,” according to Twitter account Crypto5max summary.

The MACD gives a classic bullish signal

In another development, February 9th saw a return to the classic bullish signal, leaving one analyst quite bullish.

Bitcoin’s Moving Average Divergence/Convergence (MACD), a key precedent indicator for bullish periods of 2021 and earlier, formed a new major crossover this week.

For Matthew Hyland, based on historical models, the impact of the event was clear.

“I’ve been waiting for and updating this key reversal indicator for almost a month, and it finally happened,” Hyland said comment along with a chart showing the impact of historical MACD on BTC price action.

BTC/USD price chart with MACD | Source: Matthew Hyland/Twitter

 Bitcoin’s Relative Strength Index (RSI) also sent a bullish signal last week, breaking out of a downtrend from November’s all-time highs.

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