BTC price metric that cued biggest Bitcoin bull runs breaks out at $23K
Bitcoin’s January performance has sparked an event that has preceded the start of every macro bull market, data reveals. A little-known Bitcoin (BTC) price metric has just given a new bull run signal — and it has never been wrong. As noted on Feb. 8 by Caleb Franzen, senior market analyst at Cubic Analytics, the Williams %R oscillator has left its bottom zone for the first time since May 2022. Analyst: Oscillator crossover is a “great sign” Bitcoin gaining 40% in January and continuing to hold higher levels has produced breakout signals across various on-chain indicators. Some analysts are cautious, opting to wait and see if the improved conditions last, but for Franzen, the data coming from the Williams %R oscillator is of particular interest. Williams %R is a momentum oscillator that measures how near BTC/USD is to its recent highs or lows. Momentum oscillators are utilized to measure the strength of a price trend, and Bitcoin’s January performance has made it a prime test case. ...