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Home Cryptocurrency news Bitcoin

Bitcoin Just Formed a Golden Cross, Restoring Faith in A Crypto Bull Run

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin golden cross crypto
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The bullish Bitcoin rally of 2020 has helped push the leading crypto asset out of a six-month downtrend and two-year-long bear market.

The buying pressure from FOMOing crypto investors just caused a golden cross to occur on price charts, which could very well signal the start of a new uptrend that could take Bitcoin to a new all-time high.

Bitcoin Forms Golden Cross, Is The Next Crypto Market Bull Run Brewing?

Since the start of 2020, Bitcoin is up over 40% on the year, making it among the top-performing assets of the year thus far, next to the likes of Tesla – which is currently making waves in the finance world for its Bitcoin-like meteoric rise.

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The bullish momentum across the crypto space has also caused altcoins to break upward out of downtrend resistance, further helping to propel Bitcoin higher.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 

Oftentimes when altcoins are rallying, the value of Bitcoin rises as more and more crypto investors buy Bitcoin to trade into other altcoins. It’s part of the reason that Bitcoin price was able to reach the $20,000 all-time high it set at the peak of the crypto bubble.

That FOMO buying of Bitcoin has helped the leading cryptocurrency by market cap rally from lows in the $6,000 range to a local high of over $9,800 as of the time of this writing.

The rally has also caused Bitcoin to form a golden cross of the 50-day moving average and the 100-day moving average. A golden cross is a powerfully bullish signal that tells investors that the asset is healthy and may be primed for an extended uptrend in the days ahead.

G O L D E N C R O S S

Dips are for buying.$BTC pic.twitter.com/5I776BwWbJ

— Mohit Sorout ? (@singhsoro) February 6, 2020

A golden cross occurs when a short term moving average like the 50-day moving average, rises above a longer-term moving average like the 100-day or 200-day moving average, for example.

The longer the timeframe the moving average, the more significant the cross is. This suggests that although the current golden cross of the 50-day moving average and the 100-day moving average, while extremely significant, doesn’t hold as much weight with investors as it would if Bitcoin crossed the 50-day moving average above the 200-day moving average.

Related Reading | Bitcoin Transaction Values Soar To Highest Level Since Crypto Bubble 

Weekly timeframes also trump daily timeframes, so Bitcoin clearly has a long way to go, however, all uptrends start first with a cross of the shorter-term moving averages – so this could just be the beginning of the first ever cryptocurrency’s extended upside into a new bull market.

Golden crosses are incredibly important and could be the final signal for crypto investors that “buy the dip” season is back in effect.

Featured image from Shutterstock
Tags: bitcoincryptogolden crossmoving averages
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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