Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a historic development for the world's leading cryptocurrency, Bitcoin (BTC) is on the verge of achieving its first weekly golden cross, according to market analysis provided by financial data provider Barchart. This milestone has generated significant excitement and speculation among crypto enthusiasts and investors alike.
Barchart, a reputable source for financial market data and analysis, recently took to X (formerly Twitter) to announce the imminent occurrence of a weekly golden cross for Bitcoin. The golden cross is a technical analysis pattern that occurs when an asset's short-term moving average crosses above its long-term moving average, indicating a potential bullish trend.
Bitcoin analysts weigh in
Cryptocurrency analysts have been quick to share their insights on the current state of Bitcoin and what the impending golden cross might mean for its future price movements. Captain Faibik, a well-known figure in the crypto community, stated that BTC was currently moving within an ascending triangle. He mentioned that if it bounced back from that point, it has the potential to touch the $44.2K resistance.
The ascending triangle is another technical analysis pattern that suggests a potential upward breakout. Adding to the chorus of optimism, Crypto Rover, a renowned crypto analyst, expressed optimism by stating that Bitcoin was bouncing back and cautioned against falling for the bear trap. This tweet reflects a common sentiment among traders who anticipate a reversal of the recent trend.
As of the latest update, the current price of Bitcoin stands at $43,089, representing a 1.21% increase in the last 24 hours and a substantial 16.10% gain over the last 30 days. The positive momentum observed in the short term and the approaching golden cross have fueled speculation about the potential for further price appreciation in the coming weeks.
Investors and market participants are closely watching Bitcoin's movements, particularly in the context of the broader cryptocurrency market. The significance of Bitcoin's golden cross, if realized, could have a cascading effect on overall market sentiment, influencing trading strategies and investment decisions.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
Vladislav Sopov