Bitcoin
The price chart is echoing a rapid pattern, which increased with increasing concerns over the stability of the US debt with a gain of $ 70,000 to $ 100,000 in late 2024.
According to the charting platform tradingview, in the coming days, the market price is visible on the Cryptocurrency track leading to the “Golden Cross” in the coming days. The pattern occurs when the 50-day simple moving average (SMA) of prices crosses above the 200-day SMA to suggest that the short-term trend is performing better than a broader tendency, with the ability to develop in a major bull run.
The moving average-based golden cross has a mixed record of predicting price trends. One adjacent, however, is worth noting because it is going to occur after weeks of its inauspicious-sounding, the death cross, bear trapped on the wrong side of the market.
A similar pattern came out from August to September 2024, setting the platform for a solid step above $ 70,000 in early November. Prices eventually set a record high above $ 109k in January this year.
The chart on the left suggests that the BTC was out of about $ 50,000 in early August last year as the 50-day SMA went below the 200-day SMA to confirm the Death cross.
In other words, the Death Cross was a bear net, which was like one earlier this year. Prices grew up in later weeks, eventually a new uptrend after the presence of the Golden Cross at the end of October 2024.
The bullish sequence has been repeated from the beginning of April, and the prices may start the next leg after the Golden Cross confirmed in the coming days.
The previous performance does not guarantee future results, and technical patterns do not always distribute expected. He said, macro factor combines rapidly with a technical setup.
Moody enhances American debt concerns
On Friday, the credit rating agency Moody reduced the American sovereign credit rating from the highest “AAA” to “AA1”, Citing concerns On rising national debt, which has now reached $ 36 trillion.
The bond market has been pricing fiscal concerns for some time. Last week, Coindesk expanded how a frequent tall treasury yields reflect expectations for fiscal splatter and sovereign risk premiums rapidly for bitcoin.
Read: BTC Boom is likely to be Bond Yield Surge
