Bitcoin's golden cross ∞ after 2 Months

GM Guys and Gals,

2O23 seems to be a good year for BITCO$N. With a profitable start bitcoin again hits Golden Cross after 2 months. It looks like a blessing in disguise for the web3ians. Here’s everything you need to know about it 👇🏻

BITCOIN IS ONCE AGAIN THE “BIGDADDY 🥸“

Bitcoin lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first time in 18 months. While failing to flip $23,000 to support, the pair nonetheless saw a potentially significant event on Feb. 6 in the form of a “golden cross” on the daily chart.

This refers to the rising 50-period moving average crossing over the 200-period moving average. The last time that this occurred on daily timeframes was in September 2021 — two months before Bitcoin’s latest all-time high.

Some crypto analysts have keenly watched the cross, with Venturefounder, a contributor to on-chain data platform CryptoQuant, arguing that $25,000 could reappear as a result.

“Bitcoin golden cross just happened!” he summarized in a Twitter reaction.

The picture remained complicated on the day thanks to an upcoming “counter cross” on weekly timeframes, where the 50-period moving average remained on course to drop below the 200-period one — a phenomenon known as a “death cross” for its conversely detrimental impact on BTC price action.

For on-chain monitoring resource Material Indicators, it remained uncertain whether the golden cross alone could propel BTC/USD higher.

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

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That’s it for the day, Web3Shala 👋

To the Moon 🚀