Bitcoin (BTC) Inches Closer to Historic Golden Cross, Analysts Reveal Next Moves
In a historic development for the world’s leading cryptocurrency, Bitcoin (BTC) is on the verge of achieving its first weekly golden cross, according to market analysis provided by financial data provider Barchart. This milestone has generated significant excitement and speculation among crypto enthusiasts and investors alike.
Bitcoin $BTC closing in on a Weekly Golden Cross for the first time in its history 👀 pic.twitter.com/CoQtpiPGJn
— Barchart (@Barchart) December 26, 2023
Barchart, a reputable source for financial market data and analysis, recently took to X (formerly Twitter) to announce the imminent occurrence of a weekly golden cross for Bitcoin. The golden cross is a technical analysis pattern that occurs when an asset’s short-term moving average crosses above its long-term moving average, indicating a potential bullish trend.
Bitcoin analysts weigh in
Cryptocurrency analysts have been quick to share their insights on the current state of Bitcoin and what the impending golden cross might mean for its future price movements. Captain Faibik, a well-known figure in the crypto community, stated that BTC was currently moving within an ascending triangle. He mentioned that if it bounced back from that point, it has the potential to touch the $44.2K resistance.
$BTC is currently Moving within an Ascending Triangle.
If it Bounces back from here, it could Potentially touch the $44.2k Resistance.#Crypto #Bitcoin #BTC pic.twitter.com/j3Q2tcqow4
— Captain Faibik (@CryptoFaibik) December 27, 2023
The ascending triangle is another technical analysis pattern that suggests a potential upward breakout. Adding to the chorus of optimism, Crypto Rover, a renowned crypto analyst, expressed optimism by stating that Bitcoin was bouncing back and cautioned against falling for the bear trap. This tweet reflects a common sentiment among traders who anticipate a reversal of the recent trend.
As of the latest update, the current price of Bitcoin stands at $43,089, representing a 1.21% increase in the last 24 hours and a substantial 16.10% gain over the last 30 days. The positive momentum observed in the short term and the approaching golden cross have fueled speculation about the potential for further price appreciation in the coming weeks.
Investors and market participants are closely watching Bitcoin’s movements, particularly in the context of the broader cryptocurrency market. The significance of Bitcoin’s golden cross, if realized, could have a cascading effect on overall market sentiment, influencing trading strategies and investment decisions.