Bitcoin, the biggest crypto by market value, has lately shown a turning point in its trend, the first indication since September 2021. A golden cross has appeared on the daily time scale, while a death cross has appeared on the weekly time scale.
Read CRYPTONEWSLAND onA golden cross is a technical pattern formed when the short-term average price (50) rises above the longer-term average price (200). The appearance of a “golden cross” on a chart signifies that a potential bullish sentiment is to occur in the asset market.
On the other hand, the death cross is a bearish chart pattern that implies recent investor sentiment has been hostile toward the item in question. This happens when the 50-day moving average of the price falls below the 200-day moving average (200).
Bitcoin is now experiencing a golden cross on the 24-hour timeframe, suggesting the bull’s effort to dominate the market. This is clearly visible as the MA50 line in blue rises over the MA200 line in yellow.
Contrary, the weekly timescale has witnessed a death cross for the first time ever. In a week or so, the death cross is anticipated when the blue line, short-term average price, dips below the yellow line, long-term average price. In 2015, BTC/USD death crossed for the last to $200 but eventually golden crossed to $20,000.
However, it is essential to note that the golden cross and death cross are technical indicators and are not always predictive of future price moves. Other variables, like legislative changes, macroeconomic events, and market mood, may significantly impact Bitcoin’s price.
At the time of writing, the price of Bitcoin is $22,928, representing a 0.78% gain in the last 24 hours. Moreover, Bitcoin has a market capitalization of $442 billion and a volume of $24 billion.
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