Bitcoin Surpasses $7,500, Forming Predictive Golden Cross
Bitcoin managed to surpass the important level of $7,500, and it’s now trading in the green, just like most digital assets in the crypto space.
Bitcoinist writes that this was the main price ceiling that was keeping the coin from trying to reach higher levels.
Bitcoin forms a predictive Golden Cross
Now, it seems that Bitcoin aims to confirm an extended bull run and it also painted a historically accurate and super predictive Golden Cross.
Bitcoinist notes that “The bullish indicator is formed when an asset’s short-term moving average closes above its long-term moving average. Bitcoin traders typically watch 50-daily and 200-daily MA curves to confirm a Golden Cross – or its opposite, the bearish Death Cross. But those metrics have so far proven to be lagging.”
At the moment of writing this article, BTC is trading in the green and the king crypto is priced at $7,539.44.
“Extreme fear” was ruling BTC network
On the other hand, we can’t forget that we’re still in the middle of a global crisis and the aftermath is expected to be terrible for the economy and more.
When it comes to the crypto there are various coins and tokens that CryptoDaily calls a dry spell.
The crypto market crashed on the March 12th, and the whole world went into a frenzy. On the other hand, the crypto market managed to revive, and now BTC seems to be heading for $8,000.
Not too long ago, Crypto Daily wrote that BTC has been in an extreme fear zone, and it has been indicating that the king coin is undervalued.
But considering how BTC managed to break the resistance level of $7,500, it seems that the coin might have left the fear area.
As you know, the halving is around the corner, and the event is scheduled to take place less than a month from now. A long term Bitcoin rally is expected.
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.