Bitcoin’s price has surged back above $80,000 for the first time since January, coinciding with a significant technical signal on its weekly chart. Analyst Ali Martinez notes that a bullish MACD crossover on April 13 has already preceded a 15% gain, and similar historical signals have led to rallies of 147%, 75%, and 35%. However, on-chain data from Santiment indicates network activity has dropped to two-year lows, suggesting the current price move may lack broad retail participation.
Bitcoin crossed back above $80,000 on Monday, marking its first return to that level since January. A key technical indicator is now signaling the potential for further significant gains ahead.
According to crypto analyst Ali Martinez, a bullish MACD crossover confirmed on BTC’s weekly chart on April 13 has already produced a 15% price increase. He stated that past instances of this weekly setup triggered rallies of 147%, 75%, and 35%, respectively. Martinez now identifies the 200-day SMA near $83,000 as the key structural barrier on the daily chart.
At the time of reporting, bitcoin was trading around $81,000 with a 24-hour gain of roughly 1.4%. Trading volume jumped 43% day-over-day to nearly $49 billion, indicating heightened market activity.
Other market observers point to contradictory signals beneath the price action. Trader Doctor Profit has said the current region represents the final stage of a bull trap before another decline. Meanwhile, blockchain analytics platform Santiment posted data showing bitcoin’s on-chain network activity has fallen to two-year lows.
Only around 531,000 wallets are making transfers daily, with new wallet creation at approximately 203,000 per day. This disconnect suggests a smaller group of larger holders may be driving the current price movement rather than a broad retail resurgence.
