Bitcoin ‘golden cross’ due in days as bears draw a line at $47K BTC price

Bitcoin (BTC) returned to $46,000 after a brief consolidation on Aug. 10 amid continued surprise at the strength of the BTC price comeback.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

3 days to Bitcoin ( $0.00 ) golden cross

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around the $46,000 mark Tuesday.

The pair had spent the night ranging slightly lower, at one point testing and recovering from $45,000 support.

BTC/USD chart with golden cross scenario. Source: Rekt Capital/ Twitter

In the absence of a larger pullback after days of significant gains, analysts were keen eyeing the approaching “golden cross” event on the daily moving average and weekly moving average convergence/ divergence (MACD) BTC/USD charts.

BTC/USD 1-week candle chart (Bitstamp) with MACD marked. Source: TradingView

Traditionally considered to be a bullish event, a golden cross involves the rising 50-day moving average crossing above the 200-day moving average.

“The new BTC Golden Cross is only 3 days away,” trader and analyst Rekt Capital confirmed.

Turning to the 4-hour chart, Rekt Capital added that Bitcoin ( $0.00 ) had “confirmed” a breakout over a longer-term range.

#BTC confirmed the breakout with a 4HR Close above the Ascending Triangle

Not only that but $BTC has also successfully retested the top of its breakout structure#Crypto #Bitcoin

— Rekt Capital (@rektcapital) August 10, 2021

$47,000 still remained a crucial level to break, with sellers lined up prior to the psychologically significant $50,000 zone.

BTC/USD buy and sell levels (Binance) as of Aug. 10. Source: Material Indicators/ Twitter

Crunch time for infrastructure bill

As Cointelegraph reported, it may not be all plain sailing in the coming days — Tuesday was scheduled to see voting for the United States’ infrastructure bill which could go into law with inflammatory language regarding cryptocurrency tax procedures.

Related: ‘We’ll be back on this’ — Alabama senator derails crypto amendment with two words

Concerns over the bill’s final form had not swayed sentiment over the weekend however, as Bitcoin ( $0.00 ) continued to gain, recovering ground originally lost in the May price crash.

“The public reacting to the infrastructure bill the way they have shows the Government how important Bitcoin ( $0.00 ) is,” Danny Scott, CEO of United Kingdom exchange CoinCorner, argued Sunday.

“The public care for it and are willing to fight. They wouldn’t care if it was a bank related rule. Bitcoin ( $0.00 ) is changing the world. Regardless of result it’s pivotal.”

Overall, Bitcoin ( $0.00 ) was up 4.85% on the day, with weekly gains standing at 19.1% at the time of writing.


Recommended For You

About the Author: The Cryptologists