According to market research given by financial data company Barchart, Bitcoin (BTC) is about to achieve its first weekly golden cross, which would be a historic achievement for the world’s most popular cryptocurrency. Both investors and cryptocurrency aficionados are quite excited and speculative about this milestone.
https://x.com/Barchart/status/1739786614576923082?s=20
Reputable provider of data and research on the financial markets, Barchart, recently announced on X (previously Twitter) that a weekly golden cross for Bitcoin was about to occur. When an asset’s short-term moving average crosses above its long-term moving average, suggesting a possible bullish trend, technical analysts may see the golden cross.
Bitcoin analysts weigh in
Analysts of cryptocurrencies have not wasted any time in offering their opinions on how Bitcoin is now doing and what the approaching golden cross may signify for future price changes. Renowned member of the crypto community Captain Faibik claimed that BTC was now moving in an ascending triangle. He said that it may reach the $44.2K resistance level if it recovered from that point.
Another technical analysis pattern that points to a possible upward breakthrough is the ascending triangle. Renowned cryptocurrency analyst Crypto Rover joined the chorus of hope by declaring that Bitcoin was rebounding and advising against slipping into a bear trap. This tweet echoes the thoughts of many traders who believe the current trend will reverse.
According to the most recent data, the price of Bitcoin is currently $43,089, up 1.21% over the previous day and a significant 16.10% over the previous thirty days. There has been much conjecture over the possibility of more price increase in the upcoming weeks due to the short-term bullish momentum and the impending golden cross.
Market players and investors are keeping a careful eye on Bitcoin’s moves, especially in light of the larger cryptocurrency market. If confirmed, the importance of Bitcoin’s golden cross may have a domino effect on market mood, affecting trading tactics and financial choices.
