Bitcoin's 'Golden Cross' Confirmed — Will This Send Apex Crypto Rallying? Analysts Weigh In

Bitcoin's 'Golden Cross' Confirmed — Will This Send Apex Crypto Rallying? Analysts Weigh In

An important technical event has just occurred in the Bitcoin BTC/USD market — for the first time in more than a year.

What Happened: Bitcoin's 50-Day Simple Moving Average (SMA), now at $19,825, has moved north of its 200-Day SMA, at $19,723. This event, known as a "golden cross", is seen by analysts as a sign of a shift in the market's sentiment and momentum, and is the seventh time this has occurred in the last 10 years.

According to FS Insights, Golden Crosses have historically been a bullish signal and preceded moves to the upside.

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Crypto influencer and analyst Lark Davis on Tuesday said  that Bitcoin had a golden cross following a major downtrend in 2019 — and after that 160% gains followed.

Analyst Guillame said that while the Golden Cross is commonly seen as a bullish indicator, Bitcoin history reveals that 100% of the time, following a Golden Cross, there has been a 10-75% decline in the days afterward. “Buying immediately after a Golden Cross resulted in losses in the very short term.” 

Price Action: BTC was trading at $22,227, up 1.70% in the last 24 hours, according to Benzinga Pro data.

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Posted In: CryptocurrencyNewsMarketsBitcoin Golden Crossbitcoin rallyLark Davis

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