Summary
- Chris Kuiper, Vice President of Fidelity Digital Asset Research, predicted the possibility of Bitcoin transitioning to a golden cross if it maintains above $93,000.
- A golden cross is a pattern considered a strong bullish signal, occurring when the short-term moving average crosses above the long-term moving average, which can significantly impact investors.
- Recent increases in Bitcoin's price volatility and trading volume have amplified the impact of major technical indicators on investor sentiment.
An analysis has emerged suggesting that Bitcoin (BTC) is once again at a crossroads for a bullish trend reversal from a short-term and long-term technical indicator perspective.
On the 23rd (local time), Chris Kuiper, Vice President (VP) of Fidelity Digital Asset Research, stated on X (formerly Twitter), "Bitcoin rose by about 13% after the last golden cross occurred, followed by a correction," and explained, "Since April 7, it has been in a death cross state, but the price has instead risen by more than 33% from $79,153 to $105,000."
He further predicted, "If the current price remains above $93,000, the death cross could transition back to a golden cross."
A golden cross is considered a strong bullish signal in technical analysis, occurring when the short-term moving average crosses above the long-term moving average. Conversely, a death cross is interpreted as a signal for a bearish reversal.
The market is watching closely to see if Bitcoin can secure additional upward momentum based on this analysis. Particularly, with recent increased price volatility and trading volume, the impact of major technical indicators on investor sentiment is growing.
Meanwhile, BTC is trading at $109,338.67, down 2.12% from the previous day, on the Binance Tether (USDT) market as of 02:45 on the 24th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
