The price of the cryptocurrency is in a technically promising position.
(Photo: Reuters)
Dusseldorf The rally on the crypto market has come to an end for the time being. After the steep increase since the beginning of the year, this comes as no surprise. Rather, it is astonishing that there has not been a significant setback so far. The oldest and most important cybercurrency Bitcoin has been around the $23,000 mark for three weeks.
Since the beginning of the year, the price has risen by around 40 percent. Bitcoin has thus far developed significantly better than other asset classes such as stocks, bonds or gold.
Optimists are hoping for additional upside potential from a special technical chart situation: the average price of bitcoin over the past 50 days has risen above that of the past 200 days. The term in charting for this is “Golden Cross”.
When this constellation last existed in 2020 and 2021, it was a buy signal. However, this time it’s different.
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