Bitcoin (BTC) Just Made History With This Bullish Pattern

Bitcoin (BTC) has just recorded an extremely bullish pattern. The leading cryptocurrency by market capitalization has formed what is known in trading circles as a "golden cross" on its weekly chart for the very first time, according to a tweet from Barchart.

The golden Cross is a bullish pattern observed when an asset's short-term moving average rises above its long-term moving average. 

On the Bitcoin weekly chart, this event has unfolded as the 50-week moving average (MA) has crossed above the 200-week MA. 

This pattern is traditionally seen as a positive sign, which suggests that a sustained upward trend could be forthcoming. 

However, it's important to note that the Golden Cross can sometimes act as a lagging indicator. By the time this cross happens, the market may have already factored in the bullish sentiment, meaning the pattern is confirming an existing trend rather than predicting a new one.

A Bitcoin (BTC) price downturn 

Despite the historic formation, Bitcoin's price has stumbled today, shedding $1,000, or 2.3%, in just 7 hours. The on-chain data analytics firm Lookonchain has linked this downward movement to F2Pool's deposit of 1,000 BTC to Binance, a major cryptocurrency exchange. This action, which repeated a similar deposit two days prior, suggests significant selling pressure in the market. It's these kinds of large-scale transactions that can lead to abrupt price changes.

The ETF anticipation 

Amidst the current price fluctuations, the cryptocurrency community is looking forward to a potentially major catalyst for Bitcoin bulls: the approval of spot Bitcoin ETFs. 

According to finance reporter Katie Greifeld, ETF issuers have a deadline to submit their S-1s, and the SEC is expected to vote on the 19b-4 applications shortly. The approval of both documents could mean that spot Bitcoin ETFs may start trading almost immediately, which could inject new momentum into the market and possibly sustain the bullish trend.