Bitcoin price dropped below $22,500 from $23,400 in minutes following the Silvergate fiasco. Major exchanges stopped dealing with the crypto-friendly bank that created huge FUD within the space.
As a result, massive liquidations were recorded in the early trading hours. While the market participants have become extremely bearish on Bitcoin, some chances of a rebound may be expected in the coming days.
Coinpedia reported earlier that Bitcoin price experienced a ‘Golden Cross’ event during the previous month, but woefully, the price remained largely unaffected as the very first weekly death cross was on the cards. However, another opportunity for the price to break out of bearish captivity and rise high has presented itself.
On February 7, 2023, a golden cross occurred on the daily timeframe in the spot market, resulting in a significant failure of the bullish signal. A similar event, however, is about to occur in the future price chart, which may offer a nice upward movement.
CME Group, commonly known as the Chicago Mercantile Exchange, which began to offer the very first BTC futures, is flashing massive buy signals.
A Golden Cross, where-in a cross over of 50-day & 200-day MA levels undergoes a crossover, is believed to occur in a short while from now.
In the past, the early signals of a breakout have been false; therefore, other signals like gaps and the filling of them could be quite evident.
Will the upcoming Golden Cross confirm the bullish signals? Stay tuned with Coinpedia for updates on this event!
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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The world of cryptocurrency has grown immensely throughout the past decade, and bitcoin has been at the forefront of it all. One of the many indicators analysts look for when it comes to analyzing investments is called a golden cross, and recently, bitcoin experienced a golden cross emergence. This has been seen by many as an opportunity for a potential bullish breakout, so let’s take a deeper look into what this means.
In a layman’s terms, a golden cross occurs when a stock’s short-term moving average crosses its long-term moving average in an upward, or bullish direction. This is seen as a sign that the stock is gaining strength and momentum, which makes it an even more attractive investment.
In the case of bitcoin, this golden cross was observed when the 50-day simple moving average recently crossed the 200-day simple moving average. This led some analysts to believe that bitcoin is now in an even stronger position than before, and that the possibility for a bullish breakout is now greater.
This golden cross could be seen as the beginning of something bigger for bitcoin, especially if it turns out to be a bullish breakout. If bitcoin is able to break through any resistance levels that have been previously posed, it could possibly open up a path for new highs and an extended bull run.
It’ll be interesting to see how this plays out in the near future, but for now, bitcoin’s golden cross emergence serves as a strong sign of optimism. If bitcoin is able to break through any resistance levels, then bulls could be in for a very profitable ride. We’ll be keeping a close eye on any potential bullish breakouts, so stay tuned!
