Golden Cross Sparks Hope for Bitcoin Bull Run

The crypto market capitalization has risen by 0.4% over the past 24 hours to $2.7 trillion, but Bitcoin remains below the $80,000 mark.

The simple moving averages of Bitcoin have formed a 'golden cross', a bullish signal in classical technical analysis, which typically precedes accelerated growth in shares and other traditional financial assets.

However, this is not the first time the golden cross has appeared for Bitcoin. In 2019, it was followed by a 90% rally in less than two months, while in 2020, the crossover required more patience but ultimately led to a more than sixfold increase over the following 10 months.

The current market is characterized as a 'bullish pause', with investors awaiting further upward momentum after a lull. Notable movements over the past day include gains for Cosmos (+18%), Polkadot (+11%), and Zcash (+10.5%), while Internet Computer (-6.2%), Uniswap (-3.2%), and Litecoin (-1.4%) have fallen.