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A CoinNess analysis by CryptoQuant contributor @gaah_im said Bitcoin’s cycle momentum indicator has moved back into positive territory after eight months in a bearish phase, raising the likelihood that BTC could break out of its downtrend.
The analyst said the signal suggests BTC is more likely to break its downtrend and reverse the bear market, although confirmation would require the indicator to climb to the 20-30 range over the coming weeks as the price recovery continues. According to the chart shared by the analyst, the momentum reading currently stands at 0.4.