Why Bitcoin Could Have A Golden Crossover And Bullish Push

Bitcoin BTC/USD is trading higher Thursday in a relatively quiet cryptocurrency market.

Bitcoin is nearing an interesting technical point, the golden cross, a popular moving average crossover.

How to Buy Bitcoin (BTC) • Easy Steps

Bitcoin Daily Chart Analysis

• Bitcoin saw a dip after failing to break above the key resistance level of $50,000. The crypto may retest this area more in the future but if unable to break it could fall back to the support level near $30,000.
• Bitcoin is looking like it could see a golden crossover, where the 50-day moving average (green) crosses above the 200-day moving average (blue). This crossover is a sign that sentiment could be turning more bullish and that upward movement may be coming.
• The crypto trades above both the 50-day moving average and the 200-day moving average. These moving averages may hold as support in the future.
• The Relative Strength Index (RSI) was moving sideways above the middle line before it was rejected at the $50,000 resistance level. This shot the RSI lower and now it sits at 47, where it is seeing more selling pressure than buying pressure.

What’s Next For Bitcoin?

Bullish traders are looking to see Bitcoin move up and test the $50,000 resistance level once again. Bulls are looking to see the crypto break above the resistance level this time and see further bullish movement.

Bears are looking to see Bitcoin be unable to cross above the $50,000 level and to fall toward support. Bears would then like to see Bitcoin fall below the $30,000 support level for a possible further push downward.