Bitcoin (BTC) Surpasses The Psychological Level Of $10k Once Again After Completing A Golden Cross Formation
Crypto enthusiasts are getting excited as Bitcoin finally managed to hit the extremely important level of $10,000.
This level is said to trigger FOMO and boost the price even higher.
After rallying to five-month highs on Friday, BTC’s eventual return to $10k seemed highly likely for a few days now.
This bullish bias has a lot to do with the technical charts after BTC achieved an important milestone last week.
Bitcoin completed a golden cross formation
CCN wrote just the other day that the sustained upward pressure allowed Bitcoin to complete a golden cross formation on the daily chart.
“The golden cross one of the most bullish signals in all of trading. A golden cross is when the short-term moving average (in this case, the 50-day exponential moving average) moves above the long-term moving average (such as the 200-day EMA),” CCN wrote.
The online publication continued and noted that this key formation was completed on January 31 when BTC pushed above $8,200.
A minor correction followed, and then BTC printed a long green candle and then, a smaller one as well, according to the same online publication mentioned above.
At the moment of writing this article, BTC is trading in the green, and the coin is rallying towards $10,100.
Bitcoin is still young; it’s time to invest
Just the other day, we revealed the fact that the founder of Winklevoss Capital Management Cameron Winklevoss said that he believes Bitcoin is still in its early days, and investing in BTC will be paying off those who are patient.
There are various factors that are triggering this new rally, according to analysts, and these include retailers’ interest in BTC, for instance.
Despite the considerable market volatility, there are various optimistic predictions regarding the price of BTC, and one popular one is BTC hitting $100k by 2022.
Brother, business partner, and rowing teammate of Tyler Winklevoss, Cameron also co-founded Winklevoss Capital Management and Gemini, where he is currently the President. The Winklevoss twins and Gemini made their first acquisition this year, taking over Nifty Gateway, a platform for non-fungible cryptocurrencies.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.