Bitcoin (BTC) posts first golden cross in months BTC $BTC 200DMA
When the moving average 50 crosses above the MA 200, a positive crossover, or"golden cross," appears on the price chart.
Eight golden crosses have occurred in the history of Bitcoin, three of which — in February 2012, October 2015 and May 2020 — predicted price increases of between 100% and 350%. On the other hand, the lead cryptocurrency dropped after the golden crosses of July 2014, July 2015 and February 2020, which were bull traps. Since moving averages are lagging indicators, the majority of the gains may have already happened before the crossover.Nevertheless, traders and chart analysts view the golden cross as a sign of long-term price increases.In a day or two, Bitcoin appears to be on course to make another crossing on its weekly chart.
On the other hand, the Federal Reserve's stance, which is becoming less aggressive as the days go by, might imply positivity for the lead cryptocurrency. At the time of writing, the price of Bitcoin had increased slightly over the previous day to $22,964.
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