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- Bitcoin (BTC) in the verge of hitting an easy-to-track bullish technical signal – the golden cross.
- BTC market has been in a bullish trend in the last 24 hours.
- Bitcoin’s value increased by 160% after the golden cross of 2019.
Many people’s eyes have been drawn to Bitcoin (BTC) lately as its massive cryptocurrency has been slowly growing in price. As a result, BTC has hit fresh all-time highs, breaking beyond the $22,000 barrier and moving ever closer to the $25,000 milestone.
According to a tweet that was posted by Lark Davis, who is a crypto analyst in addition to being an investor, it was in 2019 when Bitcoin last had a golden cross after it had recovered from a significant downward trend. According to the report, Bitcoin’s value increased by more than 160% after the first spike in its price.
Despite the fact that BTC prices constructed indecisive golden crosses in April and September of the year 2019, prices increased significantly over the following two months before reversing into a death cross.
A golden cross occurs on a price chart of a security when the 50-day simple moving average (SMA) of the security crosses over the 200-day simple moving average (SMA). Because of how moving averages work, the signal can only tell us that the market’s short-term gains in the past have been bigger than its long-term gains. This has been the case historically.
The golden crosses in July 2014, July 2015, and February 2020 were all merely bull traps, and the subsequent price drops of cryptocurrencies resulted in the formation of a death cross. The death cross pattern is the inverse of the golden cross pattern, indicating a reversal in the long-term trend.
Bitcoin is now worth $23,215.17, which is a 1.20% increase over the last 24 hours. Bitcoin market has been on a good trend this year, which has led to the cryptocurrency achieving new 90-day highs of $24,167.21. This was accomplished as the year proceeded.
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