Bitcoin (BTC) Surges Above $5,600 – Crypto Analyst Confirms Golden Cross On Higher Trading Volume
Bitcoin-related price predictions have been mostly positive this year, and after the bulls came back to the crypto market, the predictions intensified as well.
Now, the price of BTC is going up and continues to make crypto enthusiasts excited.
BTC rises above $5,600
BTC’s price rose above $5,600 for the first time in more than five months. Now, crypto analysts have reportedly confirmed a golden cross in the trading activity which has shown a resurgence of the bull market.
Currently, BTC is priced at $5,641.65 on CoinMarketCap.
According to the latest reports coming from Bloomberg, this is BTC’s first golden cross in more than three years, and this is also a clear sign that the crypto winter may be over.
Such a golden cross is a technical indicator that identifies when an asset’s short-term 50-day moving average rises above the long-term moving average. Typically this indicator gets reinforced by a higher trading volume.
The Daily Hodl writes that Messari’s Real 10 Volumes, which aggregates 24-hour trading volume from a select group of crypto exchanges, shows that BTC volume has jumped from $671 million to over $763 million within the past eight hours.
The online magazine mentions that it’s also important that the price of BTC rose to a five-month high (around $5,500) in just under 10 minutes, on April 23. This marks the highest hike since back in November 2018.
The golden cross is the first since October 2015 when Bitcoin started its bull trend from $300 to nearly $20,000 in 2017.
The last time golden cross occurred on Bitcoin when it was $250.
Even though it generally signifies a bullish signal for the long term, the short term could see 20-30% retracement
Remember the Death cross at 6k bottom early last year and then bitcoin doubled the next month?
— Anondran (@AnondranCrypto) April 20, 2019
Next bull run, stronger than in 2017
Tom Shaughnessy is a popular researcher in the industry and co-founder at Delphi Digital.
He said that this recovery would lead to a bull run that will be more powerful than the one in 2017.
He posted on Twitter that the 2017 bull run was triggered by a hype due to new crypto technology at the time, and this might explain why it didn’t last.
He said that the next one would be based on an appreciation of the tech and its potential to offer solutions to financial problems with the present institution and it will be stronger.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.