Bitcoin Sees Its First Ever Weekly 'Golden Cross'

Market enthusiasts call it a “golden cross,” indicating a positive shift in asset prices, and now this marker has finally appeared on the bitcoin (BTC) weekly price chart.

The 50-week simple moving average (SMA) on bitcoin has crossed over the 200-week SMA for the first time on record, confirming the golden cross. The phrase and its counterpart, “the death cross,” in which the short-duration SMA dips below the long-duration SMA, originated in Japan, per some technical analysis textbooks.

Market enthusiasts call it a “golden cross,” indicating a positive shift in asset prices, and now this marker has finally appeared on the bitcoin (BTC) weekly price chart.

The 50-week simple moving average (SMA) on bitcoin has crossed over the 200-week SMA for the first time on record, confirming the golden cross. The phrase and its counterpart, “the death cross,” in which the short-duration SMA dips below the long-duration SMA, originated in Japan, per some technical analysis textbooks.

‘None’ of Retail's Investors Are ‘Betting Against the Fed,’ eToro US CEO Says.Many traders see crossovers as forward-looking indicators, with the golden version signaling a long-term bull market ahead.

The bullish interpretation could be challenged because averages are based on past data and tends to lag prices. In other words, averages represent what happened in the past, and the first golden cross on the weekly chart is the result of bitcoin rallying over 70% to $42,700.