After a sudden dip that retraced the Bitcoin (BTC) price, this flagship crypto is slowly recuperating, and one pattern can be a sign of bullish things to come.
BTC has recently experienced a significant event in the trading realm known as the “Golden Cross.” This occurrence marks the first time this bullish pattern has manifested on the weekly chart, as per X post from analytics platform Barchart on January 8.
Bitcoin weekly Golden Cross. Source: Barchart
A golden cross is identified when an asset’s short-term moving average (MA) surpasses its long-term moving average, signaling positive market sentiment.
Bitcoin 24-hour price chart. Source: Finbold
On the weekly chart, things seem more optimistic due to the addition of 3.43% while still losing -0.62% during the last 30 days, as per the latest data obtained on January 8.
At the same time, the technical indicators indicate a prevailing sentiment labeled as ‘buy.’
An integrated evaluation of these indicators assigns a ‘buy’ rating at 15, with moving averages signaling a ‘strong buy’ at 13. Oscillators are tilting towards a ‘neutral’ rating, registering at 8.
Bitcoin technical analysis. Source: TradingView
Despite the formation of the weekly Golden Cross, it is essential to note that various sets of elements influence Bitcoin’s price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
