Bitcoin approaches vital golden cross signal, but analysts warn of potential weaknesses – details
According to the latest X post by Crypto analyst Titan, Bitcoin (BTC) is rapidly approaching a gold crossover, a bullish technical indicator that is usually before the large amount of price appreciation on the price. But other analysts warn that for the world’s largest digital assets, price corrections may occur.
Bitcoin inches closer to the golden cross
Bitcoin continues to trade between $92,000 and $98,000 in a narrow range, providing analysts with limited direction tips. Still, some believe flagship cryptocurrencies may be preparing for the next big move.
In a recent post, Titans of Cryptocurrency shared a chart showing that BTC is expected to form not only A Golden Cross But it may also see its Moving Average Fusion Difference (MACD) indicator flips bullish – this is the last double signal to appear in October 2024. At the time, Bitcoin soared rapidly and was supported by the victory of US pro-Cresto U.S. presidential candidate Donald Trump.
To explain, the Golden Cross is a bullish technical indicator that usually occurs when the short-term moving average (usually a 50-day MA) exceeds the long-term moving average, which is usually 200-day MA. It indicates potential momentum and is often seen as a sign of a trend reversal or a continuous gathering.
Meanwhile, when MACD becomes bullish, this means that the MACD line has crossed the signal line, indicating that momentum is from bearish to bullish. This suggests that buying pressure may be increasing and price increases may begin.
Although BTC has been recently denied to approach the $98,000 level, crypto analysts (such as Rekt Capital), suggestion This is the expected behavior. To make Bitcoin stand out, it must first pay $93,500 in support and decisively exceed $99,000.
If it clears this resistance, BTC could face another rejection for $104,500. However, successfully converting the $99,000 level to support may be New Ath.
Not all analysts are optimistic
Despite growing optimism, not all market observers are convinced that a breakthrough is about to occur. Ali Martinez, renowned crypto analyst tip The TD order indicator is currently flashing the sell signal on the 3-day BTC chart – which is a potential sign of short-term weakness.
In addition to the mixed prospects, BTC’s open interest in the futures market is now near Historically high – trends seen in previous bull markets usually lead to price increases. At press time, BTC was trading at $94,122, down 1.5% in the past 24 hours.
Featured images from Unsplash.com, charts from X and TradingView.com
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