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Home»BITCOIN NEWS»Bitcoin enters uncharted territory with first-ever golden cross
BITCOIN NEWS

Bitcoin enters uncharted territory with first-ever golden cross

By Crypto FlexsJanuary 9, 20243 Mins Read
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Bitcoin enters uncharted territory with first-ever golden cross
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Heading into 2024, Bitcoin starts the year at a surprising price of $47,000, signaling a potential shift in market dynamics.

This new year brought a historic moment for Bitcoin. It is the first ‘golden cross’ to include 50-week and 200-week moving averages (MAs). This rare occurrence is not just a technical anomaly, but a harbinger of a potentially significant market move.

What is the Golden Cross of cryptocurrency?

To understand the significance of this event, we must first look at what the Golden Cross is in the context of cryptocurrency. In technical analysis, a golden cross occurs when a short-term moving average crosses a long-term moving average from bottom to top.

In the case of Bitcoin, the 50-week MA exceeded the 200-week MA for the first time in history. This event has traditionally been seen as a bullish signal in various markets, including stocks and commodities, and is now leaving its mark in the cryptocurrency domain.

The Golden Cross is important because it potentially reflects a change in market sentiment from bearish to bullish over a significant period of time. This is not a temporary upward price movement, but rather a trend that persists over weeks and months.

This historical crossover signals a strong, long-term uptrend, shaking off the shackles of the previous bearish period.

The first-ever Golden Cross | BTCUSD on TradingView.com

Will the buy signal send Bitcoin higher?

The appearance of this golden cross on the Bitcoin charts will catch the attention of trend-following traders and investors. Trend-following trading systems are programmed to identify such signals and take positions accordingly.

These systems, often automated and based on algorithmic strategies, play an important role in today’s trading environment. They analyze historical data and current market trends to make predictions and execute trades.

With Bitcoin’s first golden cross, we are likely to see a surge in interest in these systems. This signal could trigger a wave of buying activity as trend followers jump in, anticipating a continued upward move. This influx of purchases could push the price of Bitcoin even higher, creating a kind of self-fulfilling prophecy.

However, it is important to approach this with a balanced perspective. Although the Golden Cross is a powerful bullish signal, it is not infallible. The Daily Golden Crossed has been known to unlock crosses later in the day, and will only unlock up to Death Cross for the next few weeks. A dead cross is an opposing signal where the short-term moving average crosses above the long-term moving average.

In conclusion, Bitcoin’s first golden cross between its 50-week MA and 200-week MA is a significant event in history. This is a signal that could potentially lead to significant market moves, especially if your trend-following system takes action based on these developments.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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