Bitcoin Creates a “Golden Intersection”! Is the Bull Run Beginning?

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Bitcoin, the leader of the cryptocurrency world, once again attracted attention with its recent bullish signal: the elusive “Golden Cross” on its daily chart. This development, reminiscent of previous price increases, sparked speculation about potential bullish momentum in the crypto market.

The term Golden Cross refers to the intersection between a crypto asset’s short-term moving average (50-day) and its long-term moving average (200-day). This usually indicates that the market is in an upward trend and creates a positive sentiment among investors. The appearance of this type of formation on Bitcoin’s daily chart strengthens hopes that prices will potentially increase.

Crypto analyst Titan of Crypto says Bitcoin forms “Golden Cross” on daily chart emphasizingHe stated that price movements in 2024 are similar to previous periods. However, according to the analyst, there are certain technical levels that the Bitcoin price must currently overcome in order to gain strong positive momentum in the short term.

These levels include resistance points formed by important technical indicators such as the Tenkan (short-term moving average), Kijun (long-term moving average) and the upper line of the Kumo cloud. Bitcoin’s current rise has been partially hindered by the fact that these technical hurdles still remain. This also shows that the price has difficulties in overcoming the resistance.

Additionally, if Bitcoin successfully overcomes these technical resistance levels, it would not only indicate that Bitcoin is a resilient asset but would also be a positive sign for imminent price increases. This can increase investors’ confidence and create a general mood of optimism in the market.

Finally, it is important for investors to consider these technical analyzes not in isolation, but also in conjunction with other factors in the market. Since the crypto market is a highly volatile environment, unexpected events can occur at any time, which can affect price movements. Therefore, it is important to adopt a balanced investment strategy and follow market developments closely.

You can access current market movements here.


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