Golden Cross Signals Bullish Momentum for Bitcoin
The crypto market has seen a modest 0.4% increase in capitalization over the past day, reaching $2.7 trillion. However, the market remains within a narrow range it's been stuck in for two weeks.
Cosmos (+18%), Polkadot (+11%), and Zcash (+10.5%) have seen notable gains, while Internet Computer (-6.2%), Uniswap (-3.2%), and Litecoin (-1.4%) have fallen.
Bitcoin remains below $80,000 but rebounded to $77,600 after a mid-day dip on Tuesday. The 'golden cross', a significant bullish signal in technical analysis, has formed as the 50-day moving average crossed above the 200-day moving average.
The return of this signal is reminiscent of 2019, when it preceded a 90% rally in less than two months. However, unlike previous instances, the current golden cross delivered an 110% increase over five months and more than a twofold increase over the next two years.