# Bitcoin price exploded 

By [CONG](https://paragraph.com/@cong-4) · 2022-10-29

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    long time?
    This week, Bitcoin’s (
    bitcoin
    
    market fell
    $20,624
    
    ) prices have risen, soaring to $21,000 on October 26. This has led to a few traders claiming that the bottom may have been reached, or that BTC is entering the next phase of some technical structure, such as a Wyckoff, a range breakout, or some sort of support-resistance flip.
    
    Before getting all the calls and opening a 10x long position, let’s go back to our previous analysis to see if there has been any change in Bitcoin’s market structure and if the recent bullish momentum is indicative of a broader trend change.
    
    When the last update was published on September 30, Bitcoin was around $19,600, still within the range of price action over the past 136 days. At the time, I had identified a bullish divergence on the weekly Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). There are also some potential "bottom" signals coming from multiple on-chain indicators that are at multi-year lows.

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*Originally published on [CONG](https://paragraph.com/@cong-4/bitcoin-price-exploded)*