First Golden Crossover Of 2023 Sets Bitcoin Price To Cross Above $40000 – Crypto News – Crypto News
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First Golden Crossover Of 2023 Sets Bitcoin Price To Cross Above $40000 – Crypto News

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3 years ago

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The Bitcoin price has been rising within ascending channel pattern for over two weeks. However, in theory, this pattern is bearish and encourages significant downfall upon the breakdown of its support trendline. Although this technical setup calls for a temporary correction, the overall trend of Bitcoin

Key Points:

  • The formation of a rising channel pattern hints at a temporary correction in the Bitcoin price
  • A golden crossover between the 50-day and 200-day MAs indicates a long-term bullish rally
  • The intraday trading volume in Bitcoin is $15.5 Billion, indicating a 32% loss.

History Of Bitcoin’s Golden Crossover

TradingView ChartsSource-tradingview

A golden crossover occurs when a technical indicator of 50 MA(moving average) slope moves above 200 MA. This event is interpreted as a bullish signal by many traders, suggesting that the trend has changed and the coin is likely to move higher.

Previously, the golden crossover in Bitcoin price was observed on 14th September 2021after which the prices reached 50% higher and hit all time high of $68,789.

Before that, the golden crossover occurred on 20th May 2020, which, along with the bull trend, carried the Bitcoin price 700% higher to reach $64758. However 18th Feb 2020the daily chart showed the same crossover but failed to trigger a significant rally.

Having said that, a golden crossover on 20th April 2019 The BTC price surged 162% higher to hit a high of $13963 in just two months.

Back to the presentthe daily chart shows the 50- and 200-day MAs are on the verge of golden crossover again, increasing the likelihood of uptrend continuation. If Bitcoin sustains this crossover, the coin holders may enjoy a strong uptrend until they receive their first threat of price breakdown below the 50-day MA.

Also Read: Top 10 DeFi Lending Platforms In 2023

Bitcoin Price Analysis

Bitcoin PriceSource-tradingview

By press time, the bitcoin price trades at $23388 and continues to resonate within the resigned wedge pattern. However, if the selling pressure persists, the coin price will plunge lower and challenge the support trendline of the pattern.

A daily candle closing below the trendline will accelerate the selling pressure and poise Bitcoin for a longer correction. This downfall could tumble the Bitcoin price by 8-12.5% ​​to revisit the $21500 or $20400 support.

Anyhow, this bearish pullback is essential for coin holders as it will neutralize the excess buying and replenish bullish momentum. If the coin price shows sustainability above the aforementioned support, the sided-lined buyers could grab a pullback opportunity.

Bitcoin Price Intraday Levels

  • Spot Rate: $23348
  • Trend: Bullish
  • Volatility: High
  • Resistance levels- $25000 and $28000
  • Support levels- $22500 and $21500

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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