{"id":10238,"date":"2023-02-07T10:05:11","date_gmt":"2023-02-07T10:05:11","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10238"},"modified":"2023-02-07T10:05:12","modified_gmt":"2023-02-07T10:05:12","slug":"bitcoin-sees-golden-cross-which-last-hit-2-months-before-all-time-high","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10238","title":{"rendered":"Bitcoin sees golden cross which last hit 2 months before all-time high"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first time in 18 months.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Battle of the Bitcoin crosses begins<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD tracking sideways overnight, having shunned volatility at the week\u2019s first Wall Street open.<\/p>\n<p>While failing to flip $23,000 to support, the pair nonetheless saw a potentially significant event on Feb. 6 in the form of a \u201cgolden cross\u201d on the daily chart.<\/p>\n<p>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 \u2014 two months before Bitcoin\u2019s latest all-time high.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp) with 50, 200MA. Source: TradingView<\/em><\/p>\n<p>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.<\/p>\n<p>\u201cBitcoin goldencross just happened!\u201d he summarized in a Twitter reaction. <\/p>\n<p>\u201cThis potential correction could see BTC retest $20k (200DMA and key support), then in the bullish case, test $25k next. Make $25k support and it&#8217;s nail in the coffin for the bears.\u201d<em>BTC\/USD annotated chart. Source: Venturefounder\/ Twitter<\/em><\/p>\n<p>The picture remained\u00a0complicated on the day thanks to an upcoming \u201ccountercross\u201d on weekly timeframes, where the 50-period moving average remained on course to drop below the 200-period one \u2014 a phenomenon known as a \u201cdeath cross\u201d for its conversely detrimental impact on BTC price action.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp) with 50, 200MA. Source: TradingView<\/em><\/p>\n<p>For on-chain monitoring resource Material Indicators, it remained uncertain whether the golden cross alone could propel BTC\/USD higher.<\/p>\n<p>\u201cWhether it\u2019s enough to get a legit test of the $25k range remains to be seen,\u201d it wrote in part of a commentary on the Binance order book.<\/p>\n<p>An accompanying chart showed major resistance in the form of ask liquidity stacked at $23,500 \u2014 the first major hurdle for bulls to overcome in the event of a move higher.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<h2>Powell speech \u201conly key factor\u201d of macro week<\/h2>\n<p>Another factor on the radar for Feb. 7 came from comments from the United States Federal Reserve.<\/p>\n<p><strong><em>Related:\u00a0Is BTC price about to retest $20K? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Ahead of next week\u2019s macroeconomic data prints, multiple Fed officials were set to speak, with Chair Jerome Powell\u2019s words expected to be the most significant regarding market-moving potential.<\/p>\n<p>\u201cNothing special this week, the only key factor to watch is Powell tomorrow afternoon. Perhaps one more sweep for correction and then the party should continue rallying upwards,\u201c part of a Twitter analysis by Cointelegraph contributor Micha\u00ebl van de Poppe stated on Feb. 6.<\/p>\n<p>Van de Poppe added that \u201cbuy the dip\u201d might be an appropriate option on altcoins in the meantime, as Material Indicators noted was already the case with Bitcoin whales.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sees-golden-cross-which-last-hit-2-months-before-all-time-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first time in 18 months. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Battle of the Bitcoin crosses begins Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD tracking sideways overnight, having shunned volatility at the week\u2019s first Wall Street [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10238"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10238\/revisions"}],"predecessor-version":[{"id":10240,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10238\/revisions\/10240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10239"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}