For the first time in the history of Bitcoin (BTC), a “Golden Cross” was formed on the weekly chart.
While the cryptocurrency market has become unstable after the spot Bitcoin ETF approvals, Bitcoin has become unstable. Anchored to the 42 thousand dollar band. Despite all the calmness in the market lately A first in Bitcoin history It did not go unnoticed.
Bitcoin price 50-week simple moving average (SMA)for the first time in history 200-week SMA rising above “golden cross” created. Golden Cross in traditional and cryptocurrency markets a significant bullish signal While it is interpreted as “death cross” is defined as a harbinger of serious declines.
Although the general evidence is that Golden Cross crossings usually mean that the market will rise further, this What will be the outcome of the intersection occurring for the first time? still remains unknown. on the other hand in February 2023 weekly-based “Death Cross”, which was also formed for the first time in history It does not work as expected and does not bring significant decreases. It should not be forgotten.
On the other hand, in the past daily based Although Golden Cross intersections triggered the rise in Bitcoin price, this did not have the same effect every time.
According to CoinGecko data, in the last 24 hours 0.3% Bitcoin losing value at the time of writing from $42,730 is being traded.
