👀 Bitcoin Forms Golden Cross, Is Bull Run Coming?
🔺 Bitcoin forms a "Golden Cross" on the daily chart, resembling patterns from earlier this year.
🔺 Bitcoin faces obstacles including its own price, moving averages, and resistance levels.
🔺 Bitcoin struggles to surpass key levels around $60,900-$61,400, signaling potential bearish trends.
Bitcoin has recently signaled a bullish pattern with a “Golden Cross” on the daily chart, reminiscent of earlier price action this year. This development has caught the attention of crypto enthusiasts, suggesting potential upward momentum for the cryptocurrency. However, technical analysis indicates some key obstacles that Bitcoin must overcome to solidify short-term bullish sentiment.
🔸 Bitcoin’s Formation of Golden Cross
Crypto trader Titan of Crypto highlighted Bitcoin’s recent “Golden Cross” on the daily chart, drawing parallels to earlier price movements in 2024. A Golden Cross occurs when a shorter-term moving average, such as the 50-day moving average, crosses above a longer-term moving average like the 200-day moving average. This signal is often interpreted as a bullish indicator for the cryptocurrency.
💬 #Bitcoin Golden Cross! 🪙 #BTC price action (PA) reminds me a lot of its PA early this year. A golden cross just occurred on the daily.
However, technical shows that for Bitcoin to show strong positive momentum in the short term, it needs to overcome specific levels that are currently acting as obstacles. These levels include its price, the Tenkan (a short-term moving average), the Kijun (a longer-term moving average), and the upper line of the Kumo cloud (a key area on a chart indicating potential support or resistance).
Right now, Bitcoin’s progress is being blocked by its price, suggesting that it’s facing difficulty moving higher immediately. Crossing these levels successfully would indicate a stronger likelihood of Bitcoin’s price going up shortly.
