Bitcoin It may have signaled a strong rise with a new formation it showed recently. Barchart’s post according to A “golden crossover” occurred on the BTC weekly chart.
A golden crossover is also known as a bullish pattern observed when an asset’s short-term moving average crosses above its long-term moving average.
This formation, which appeared on the Bitcoin weekly chart, became evident as a result of the 50-week moving average (MA) rising above the 200-week MA. This increased bullish expectations in the community and triggered various speculations.
As we reported as Koinfinans.com, some experts also underlined that the golden intersection cannot react instantly. Generally, when this intersection occurs, the expected rise may have already occurred. This means that it can be interpreted as a confirmation of the past trend rather than indicating a new trend.
Despite the formation bitcoin priceı lost value today, losing $1,000 (2.3%) in just 7 hours. Lookonchain attributed this downward move to F2Pool, a major cryptocurrency exchange. BinanceHe stated that it might have happened due to depositing 1,000 BTC to . This action, repeating a similar deposit two days ago, indicates significant selling pressure in the market. Such large-scale transactions can lead to sudden price changes.
ETF issuers have a deadline to file their S-1s, and the SEC is expected to vote on 19b-4 filings shortly, according to financial reporter Katie Greifeld. Approval of both documents could mean spot Bitcoin ETFs could begin trading almost immediately, giving the market new momentum and possibly resuming the uptrend.