Bitcoin (BTC) is on an upward trend again, and we’re seeing some interesting movements in the market. With the possibility of an interest rate cut in September becoming more likely, Bitcoin has gained about 10% over the past week. Right now, it’s been trading between $63,000 and $64,000, which has caught the attention of many of us following the market.
What’s This Golden Cross All About?
Crypto analyst Tom Crown has pointed out something worth noting—a pattern called the “Golden Cross.” This happens when the 50-day moving average (MA) moves above the 200-day MA. For those of us keeping an eye on these trends, this is often viewed as a sign that Bitcoin might continue to rise.
#Bitcoin Golden Cross INCOMING
Watch for a local top in price on the day of cross pic.twitter.com/c3nCiD8WjD— Tom Crown (@TomCrownCrypto) August 26, 2024
The last time we saw a Golden Cross on the Bitcoin chart was back in October 2023, and after that, the price saw a decent increase. If this pattern shows up again, it would be the first time in 2024. This could hint that Bitcoin is gearing up for another strong phase.
In the past month, Bitcoin has been quite resilient. It’s bounced back from a low of around $49,500 to where it is now, hovering around $63,000 at the time of writing. After this strong climb, Bitcoin is currently sitting above both the 50-day and 200-day moving averages, which is usually a good sign for those of us watching the charts.
However, for this Golden Cross to really take shape, Bitcoin needs to keep its momentum going. If the price drops, this pattern might not fully develop, and we could see a shift in the other direction.
We’ll keep you updated with the latest on HowToBuyBitcoin.org.