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- Bitcoin (BTC) enters a new technical golden cross.
- BTC is currently sitting at an intersection of multiple crucial indicators.
- Bitcoin price is in bullish sentiment in the last 24 hours.
A highly recognized cryptocurrency news outlet, CryptoNewsLand (CNL), recently announced on Twitter that Bitcoin (BTC), the cryptocurrency with the greatest market capitalization, has entered a new paradigm and a technical golden cross.
According to the report, “Bitcoin is currently sitting at an intersection of multiple crucial indicators, heading into a new paradigm.”
During the first few weeks of 2023, the price of BTC has gone up by about 43%, which shows that the market is moving very quickly. With a Market-Rating-to-Realized-Value (MVRV) value of 1.19, it shouldn’t be too difficult for bitcoin to achieve its fair price of $40,000 by the end of the year.
Additionally, Bitcoin is quite close to reaching its BTC 50-day and 200-day Moving Averages are converging, and a technical “golden cross” scenario is getting incredibly close to being formed. The fact that the spot price was able to climb higher than both moving averages over the month of January is in and of itself an encouraging indicator.
Bitcoin is now positioned at a crossroads of many significant signs, suggesting the beginning of a new era. The realized price of Bitcoin has developed into a support zone, and the technical golden cross will help keep it there.
The current price of Bitcoin (BTC) is $23,415.41, which is an increase of 0.24% over the last 24 hours. However, trade volume has decreased by 35.67% to $15,389,011,636. Currently, the price of BTC has reached a high of $23,556.95 (resistance) and a low of $23,282.13 (support).
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