Bitcoin bulls are in for some long-awaited good news: technical indicators show the biggest cryptocurrency could be poised for gains.

A look at the long-term trend lines in Bitcoin’s Directional Movement Index (DMI) shows it entered a new bullish phase. In addition, the price trends broke out of their VERA band upper limit, widely considered an encouraging sign. The digital token could see a rise as it approaches year-end.

Last year, Bitcoin pushed up from around $6,500 in mid-November to a record high of $19,511 in mid-December. But it hasn’t fared well in the past year. The cryptocurrency is down more than 65 percent since hitting its peak and has bounced between $6,700 and $6,200 for the past two months.

The downtrend comes amid greater regulatory scrutiny of digital currencies and slow adoption. The U.S. Securities and Exchange Commission dismissedrequests to list crypto exchange-traded funds over the summer, citing manipulation and market surveillance concerns.


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