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EOS · 1w

Bitcoin Could be Forming a “Golden Cross” Pattern, Is the Next BTC Bull Run Imminent?

Bitcoin Could be Forming a “Golden Cross” Pattern, Is the Next BTC Bull Run Imminent?

Bitcoin has been able to continue inching higher after dropping below $5,200 earlier today, and is now approaching $5,300, which appears to be a slight level of resistance for the cryptocurrency. BTC’s upwards ascent has continued to allow many major altcoins to surge, with many cryptos trading up over 2% today.

Although Bitcoin’s price is only tepidly advancing today, its large surge over the past few days has brought it closer to forming its first-ever 20-200-day simple moving average (SMA) crossover since October of 2015 – a formation that is typically proceeded by a massive price surge.

Bitcoin (BTC) Stable Above $5,200 

At the time of writing, Bitcoin is trading up over 1% at its current price of $5,280. Earlier today, BTC briefly dipped below $5,200, where it found some levels of buying support that pushed its price back towards $5,300.

It is important to note that over the past week, Bitcoin has been rejected at $5,300 on multiple occasions, signaling that this price is a level of resistance that may require a significant surge in buying pressure to be broken above.

The recent crypto market surge appears to have drastically shifted the overall market sentiment, as many investors who were previously watching to sell their crypto late last year are now watching to buy back in.

“We have viewn a lot of interest in people buying and holding of late. In Q4 [2018] a lot of people were dumping assets and liquidating their holdings, that has definitely shifted this year,” Lennon Sweeting, the director and head trader at Coinsquare Capital Markets, explained while speaking to MarketWatch. Famous Technical Formation May Signal that Bull Run is Imminent <...
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