Bitcoin
Bitcoin forms Golden Cross, Bull Run is coming?
Bitcoin, the ever-changing giant of the cryptocurrency world, has once again caught attention with a recent bullish sign: the elusive “Golden Cross” on its daily chart. This development, reminding us of previous price spikes this year, has sparked speculation about a potential upward momentum in the crypto market.
But beneath the surface of the enthusiasm lies a landscape full of technical hurdles that Bitcoin must overcome to consolidate its near-term bullish sentiment.
The Golden Cross Emerges
Crypto trader Titan of Crypto highlighted Bitcoin’s recent “Golden Cross” on the daily chart, drawing parallels to previous price movements in 2024. A Golden Cross occurs when a short-term moving average, such as the 50-day moving average, crosses above a long-term moving average, such as the 200-day moving average. This signal is often interpreted as a bullish indicator for the cryptocurrency.
However, the technique shows that for Bitcoin will show strong positivity short-term dynamics, it needs to overcome specific levels that currently act as obstacles. These levels include your price, the Tenkan (a short-term moving average), the Kijun (a long-term moving average), and the upper line of the Kumo cloud (a key area on a chart that indicates potential support or resistance).
Bitcoin’s climb is currently hampered by these technical barriers, as evidenced by its struggle to break through immediate price resistance. Successfully conquering these levels would not only mean resilient Bitcoin, but would also bode well for imminent price increases.
Charting the course to follow
Despite the bullish signal, Bitcoin price is encountering resistance due to technical factors, particularly the lagging range’s position relative to critical levels. Therefore, the Bitcoin price may continue to trade in the $60,900 and $61,400 range for a while longer, but beyond that, another bearish period appears to be imminent.
Cryptocurrency is poised to break through these barriers, which could pave the way for further price appreciation.
Also check out: Bitcoin Price Bloodbath: Is Your Crypto Portfolio Doomed? Here’s what’s next
We value your opinion! Do you think another bearish period for Bitcoin is likely? Why or why not?