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Article source: Bitu
According to Bitu market data, Bitcoin ushered in an upward trend again after Easter. As of press time, it rose by more than 4% in 24 hours, with a price reaching US$5,631. What makes the market more confident is that its 50-day moving average upward breaks through the 200-day moving average, ushering in " gold cross ".
In October 2015, Bitcoin's 50-day moving average MA broke through the 200-day moving average, and then ushered in a two-year growth period. Its market crashed in early 2018 from $300 to nearly $20,000.
The situation today is similar to that in 2015. It was also in a bear market at the time. It just experienced a decline in Bitcoin's value by more than 80%, falling from its high of $1150 in November 2013 to below $100, and then slowly recovered. If history can repeat itself, it means that Bitcoin appears to be on the road to recovery after the 2018 plunge.
"Golden Cross" is a strong signal that the market is shifting from a bearish trend to a bullish trend. In contrast, when the 50-day moving average crosses and falls below the 200-day moving average, it is called " death cross ", indicating that the market is on a downward trend.
Despite this, some analysts remain calm and cautiously optimistic. "This is a fake 'golden crossover'," said eToro senior market analyst. "This is a fake 'golden crossover'." Cryptocurrency supporter Goomba also said on Twitter , "History shows that this does not mean the end of a bear market."
comments from Forbes said, "Today's analysis will not be overcomplicated, it is just a reminder of where Bitcoin is currently. After the breakthrough and higher several weeks ago, various support has been in place." It added, "There is still enough room for movement, and the market is still determined to try and push up the price."
Image source: pixabay
Author Xiu MU
