Bitcoin (BTC) is up 3.82% in the past 24 hours, reaching $ 47,011 during intraday trading, so CoinMarketCap. The rise in price has driven the leading cryptocurrency above the 200-day moving average (MA).
Market analyst Lark Davis explained:
“Bitcoin closes again above the 200-day MA every day and the golden cross is confirmed.”
The 200 day MA is an important technical indicator in determining general market trend. It’s a line that shows the average closing price for the last 200 days, or approximately 40 weeks of trading. A rise above this indicator indicates the beginning of an uptrend.
On the flip side, the golden cross occurs when a short-term moving average crosses upward a large long-term moving average and is usually interpreted by analysts as an uptrend in a market.
On-chain analyst Will Clemente believes After crossing the 200-day MA, Bitcoin will have to break the resistance between $ 47,000 and $ 47,150 before seeing a surge towards $ 50.5,000.
Bitcoin is about to break out?
To to the market analyst Ali Martinez:
“Four reasons Bitcoin could break out: 1) 3.2K long BTC positions were created at Bitfinex. 2) Addresses with 10K to 100K BTC bought 60K BTC. 3) 80,000 BTC withdrawn from known crypto exchanges. 4) The large volume of transactions on the BTC network exceeded $ 451 billion. “
By now, 93% of bitcoin supply hasn’t moved in a month, and this is a metric that shows bullish supply momentum. Davis repeated these feelings and called:
“We have just hit a new all-time low for the young Bitcoin HODL wave (less than 3 months). This often signals the end of a bearish phase and is often a time when a lot of money is building up. “
However, the experienced trader Peter Brandt recently warned of the “fear of missing out” (FOMO) in the current Bitcoin market and warned that the market is not yet in a bull run due to the overload that is taking place.
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