Bitcoin Manages To Reach A Golden Cross Of Bullish Run, Reclaims $23,000 Mark

The trading price of Bitcoin (BTC) had been hovering below the $23,000 barrier for some days. It had literally stagnated below the particular level.

This happened because the investors were unsure what the next move was going to be for Bitcoin. Half of the investors were speculating a downward movement and half were predicting a push.

Despite the speculations, neither of the sides was able to start their march so a decision could be made.

Uncertainty Prevails

For now, there is uncertainty among the investors as to which direction the largest crypto is to move in the near future.

While the trading price of Bitcoin is currently looking like being stagnant, investors are paying close attention to one particular formation.

The investors seem to be paying attention to the formation of the golden cross. It is a technical indicator that can give a better idea to the investors as to where the price of the asset is to move in the near future.

The golden cross is usually an indication of a positive move. It indicates that the trading price of the particular asset would surge tremendously in near future.

Bitcoin Price May Shoot Higher

Bitcoin is currently undergoing a drastic change with respect to its trend and movement. The investors are all excited to see where the trading price of the asset is going to get if the golden cross is formed

The analysts are able to see the golden cross formation pattern forming on the price chart. The 50-day MA of Bitcoin is close the hitting and moving above the 200-day MA.

According to analysts, Bitcoin saw a similar pattern forming back in 2019. This became the reason for a strong rally, which pushed the trading price of the asset to a high of $5,000.

A similar trend was witnessed for Bitcoin back in 2021, which caused the trading price of the asset to be pushed higher. The trading price of Bitcoin was pushed to the highest level of $69,000.

As mentioned earlier, the golden cross mostly tends to represent the bullish trend. This is a positive indication even for the short-term rally for Bitcoin.

The short-term trend will shift to the long-term trend if the golden cross pattern is successfully formed. This would start pumping up the price of Bitcoin on a very large scale.

Initiation of a Bullish Market

The investors are paying full attention to monitoring the trend. If it becomes more favorable, then the bullish market sentiments will grow stronger. This would trigger stronger rallies in favor of Bitcoin.

The health of the rally would become rejuvenated and more investors will start joining to pump the digital asset’s value.

It is just the golden cross that is currently indicating a bullish run while the rest of the indicators are pointing toward the bearish trend.

However, the particular pattern has the ability to supersede all other indicators and define the next movement for Bitcoin.

Bitcoin’s Price Analysis

At the time of writing, the trading price of Bitcoin is worth $23,113. The value of the asset has surged by 1.5%. The weekly performance chart shows that the value of Bitcoin has surged over 10% in the past 7 days.

The data shows that the trading price of Bitcoin may face a lot of resistance from the bears at $23,000.

Although the price of Bitcoin is currently higher than the particular level, still, it does not mean that it can sustain the bearish pressure.

The bulls may face a tremendous amount of pressure from the bears and they will need to increase their buying power to get past their strong defenses.

If they succeed in doing that, only then they will be able to push the trading price of BTC to a higher level.

At first, they will need to sustain the pressure coming in at $23,000 and then attempt to push it up to higher levels such as $25,000.