Bitcoin (BTC), the pioneer of the cryptocurrency is gearing up for a potential new Golden Cross, marking 7 weeks of continuous gains since early February. Perhaps the 50-day simple moving average (SMA) surpasses the 200-day SMA in an upward trajectory, which signifies a robust bullish momentum.
Seven Weeks of Victory
TradingView data indicates that Bitcoin is on the verge of creating a new Golden Cross on its weekly chart. At present, the weekly SMA 50 stands at $28,102 and is steadily increasing, while the weekly SMA is recorded at $29,301.
Bitcoin has shown an impressive performance, going up for 7 Consecutive weeks in a row since mid-October and even breaking the $42,000 mark. If this week ends on a positive note, it would be the eighth week in a row that Bitcoin has gained value.
This impressive performance is due to some crypto-specific factors like Institution investment and the pre-bitcoin Halving effect playing a big role in Bitcoin surging by a whopping 152% in 2023. It even hit new highs of $44,310 during Wednesday’s trading session.
Drawing from past instances, Bitcoin’s previous Golden Cross in September 2021 led to a subsequent high of $69,000. Anticipation is high that the upcoming Golden Cross may follow suit, linked by optimism surrounding the imminent launch of a U.S.-based spot ETF.
What Lies Ahead for BTC?
Meanwhile, Bitcoin is holding firm at around $43,000, a key level it achieved on Tuesday, with a slight uptick to $43,866, reflecting a 1.15% increase.
However, caution flags may be raised as some technical indicators, including the Relative Strength Index (RSI), suggest that Bitcoin’s rally could be approaching a stretched point.
Santiment is pointing out that the RSI (which is like a speedometer for Bitcoin’s speed) suggests that Bitcoin might need a bit of a break after going past $42,000. If the RSI stays at 65, Bitcoin could be heading pretty fast towards the $50,000 mark.
And there’s this crypto expert Ali, who is saying that hitting $47,360 might be a bit challenging for Bitcoin, but if it can stay above $37,000, that’s like a safety net, setting the stage for what comes next in the Bitcoin market.
