Why Did Bitcoin Cross $70,000 Today? And why 22/10/24 is the “Golden Cross”?
Boom! Bitcoin just surged past the $70,000 mark, a milestone that’s lighting up the crypto world. So, what’s driving this? Bitcoin ETFs, institutional interest, and rising adoption across major financial players have all fueled this record high  
This isn’t just technical hype; a Golden Cross often signals sustained upward trends. In crypto, such a formation has historically led to significant price gains, making investors optimistic about BTC’s trajectory. This surge could also lift altcoins as the market’s confidence strengthens.
Here’s why this crossover could have formed around October 22, 2024:
The “Golden Cross” is a technical pattern that occurs when a short-term moving average, typically the 50-day moving average, crosses above a long-term moving average, often the 200-day moving average. This crossover indicates a potential shift to bullish momentum as short-term momentum gains strength over the longer term.
1. Rising Price Momentum: Bitcoin has experienced consistent price increases in recent weeks, driving the short-term moving average (50-day) upward.
2. Increased Buying Volume: Higher demand, possibly due to recent positive market sentiments like Bitcoin ETFs and institutional inflows, pushed the price up, further influencing the 50-day moving average.
3. Delayed Response of Moving Averages: Moving averages are slower to respond to price shifts. Therefore, the 200-day moving average, which reflects long-term trends, takes longer to rise, while the 50-day reacts faster to price upswings, leading to a Golden Cross when the two converge.
In summary, the October 22, 2024, date aligns with recent Bitcoin momentum, causing the 50-day average to cross above the 200-day average. This event signals potential continued price strength and bullish sentiment in the market.
Maxking104
28/10/2024
Invest fruiting, Follow Maxking104
#maxking104 #GoldenCross #BTC #BitcoinETF #CryptoBull
