Breaking News: Bitcoin’s Price Skyrockets as 50-Week Simple Moving Average Surpasses Historic 200-Week SMA Record!
Introducing the “Golden Cross”: Bitcoin’s Price Chart Takes a Thrilling Turn!
Exciting news for all market enthusiasts out there! Bitcoin has just experienced a jaw-dropping moment on its weekly price chart. Brace yourselves for the “golden cross” phenomenon, a thrilling indication of a positive shift in asset prices.
For the very first time in history, the 50-week simple moving average (SMA) on bitcoin has triumphantly crossed over the 200-week SMA, officially confirming the arrival of the golden cross. This incredible milestone, along with its counterpart, the infamous “death cross” where the short-duration SMA plunges below the long-duration SMA, traces its origins back to Japan, as revealed by some captivating technical analysis textbooks.
Hold on tight, because the world of bitcoin is about to embark on an exhilarating journey. Don’t miss out on this electrifying moment as the golden cross.
Many traders view crossovers as crystal balls, providing a glimpse into the future of the market. The golden crossover, in particular, is like a beacon of hope, signaling the arrival of a long-lasting bull market.
However, there are those who dare to question this bullish interpretation. They argue that averages are merely reflections of the past, always playing catch-up to the current prices. In simpler terms, averages tell us what has already happened, while the first golden cross on the weekly chart is a result of Bitcoin’s impressive 70% rally to $42,700 in just four months.
In the exciting world of trading, experienced traders know that crossovers can be a little behind the times. They tend to happen just when a trend is running out of steam. But don’t be fooled, because sometimes they can be a sign of a major turning point. Take, for example, the epic death cross on the weekly chart back in 2023.
It actually marked the end of a bear market and the start of something new. And when it comes to Bitcoin’s daily chart, the golden and death crossovers have a bit of a mixed reputation. They’ve been known to predict both bullish and bearish trends. So, keep an eye on those crossovers, because you never know what they might reveal!
Bitcoin’s meteoric rise has hit a speed bump as it takes a breather from its exhilarating rally. After reaching dizzying heights near $49,000, the cryptocurrency has dipped around 10%. The culprit? The much-anticipated arrival of 11 spot exchange-traded funds (ETFs) in the U.S.
While the market was buzzing with excitement, it seems that the early ETF flows have fallen short of the sky-high expectations, causing the bullish momentum to fizzle out.
“The ETFs have been riding a wave of success with a net flow of funds totaling a whopping $965M, including seed funds. It’s been a strong start, no doubt. But, alas, the spot price has taken a dip from the initial euphoria that accompanied its launch. It seems investors had set their expectations sky high, and reality has brought them back down to earth,” shared Greg Cipolaro, the brilliant mind behind NYDIG’s global research, in a captivating newsletter published on a Tuesday.