Bitcoin, the ever-changing giant of the cryptocurrency world, has once again grabbed the spotlight with a recent bullish signal: the elusive “Golden Cross” on its daily chart. This development, reminding us of earlier price spikes this year, has ignited speculation about potential upward momentum in the crypto market.
But beneath the surface of excitement lies a landscape dotted with technical obstacles that Bitcoin must navigate to cement its short-term bullish sentiment.
The Golden Cross Emerges
Crypto trader Titan of Crypto highlighted Bitcoin’s recent “Golden Cross” on the daily chart, drawing parallels to earlier price movements in 2024. A Golden Cross occurs when a shorter-term moving average, such as the 50-day moving average, crosses above a longer-term moving average like the 200-day moving average. This signal is often interpreted as a bullish indicator for the cryptocurrency.
However, technical shows that for Bitcoin to show strong positive momentum in the short term, it needs to overcome specific levels that are currently acting as obstacles. These levels include its price, the Tenkan (a short-term moving average), the Kijun (a longer-term moving average), and the upper line of the Kumo cloud (a key area on a chart indicating potential support or resistance).
Bitcoin’s climb is presently hindered by these technical barriers, as evidenced by its struggle to breach immediate price resistance. Successfully conquering these levels would not only signify a resilient Bitcoin but also bode well for imminent price upticks.
Charting the Course Ahead
Despite the bullish signal, Bitcoin’s price is encountering resistance due to technical factors, particularly the lagging span’s position relative to critical levels. Hence, the Bitcoin price may continue to trade within the range of $60,900 and $61,400 for some more time, but beyond that, another bearish spell appears to be imminent.
The cryptocurrency is poised to break through these barriers, which could pave the way for further price appreciation.
Also Check Out : Bitcoin Price Bloodbath: Is Your Crypto Portfolio Doomed? Here’s What’s Next
We value your opinion! Do you think another bearish spell for Bitcoin is likely? Why or why not?
This news is republished from another source. You can check the original article here
