The past weekend was pretty bullish for the entire space as the Bitcoin price broke out of the consolidation and formed a new ATH above $24,000. Woefully, the trend has flipped notably as the bears appear to have gained dominance and attempting the cap the upper resistance at $23,500. Hence the BTC price is stuck between $23,400 to $23,500 for a couple of days which is expected to break in the coming week.
Bitcoin (BTC) Golden Cross in Short-Term
Bitcoin price after a notable jump since the beginning of 2023, uplifted the 50-day MA levels. These levels may soon cross over the crucial 200-day MA levels which indicates the ‘Golden-Cross’ event to occur during the weekend.
The bullish crossover is expected to uplift the price back above $24,000 initially and may even assist a rally beyond $25,000 if the bears remain passive.
Bitcoin (BTC) Death Cross in Long-Term
In the longer-time frame, massive bearish signals have been flashing for the Bitcoin price as the rally is prone to strike a ‘Death Cross’. Moreover, the price is expected to undergo the very first weekly-death cross since its inception. Hence, it is assumed to have a larger impact on the BTC price which may even drop back to the previous support or even lower if the bearish action intensifies.
Considering the present trade set-up, the Bitcoin price may rebound from the current levels and regain levels above $24,400. However, in the longer time frame, the BTC price rally appears extremely bearish, primed to shed more than 90% of its gains.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://coinpedia.org/bitcoin/bitcoin-under-dire-straits-will-bulls-triumph-or-the-bears-win-in-the-game-of-chess/
- 000
- 1
- 2023
- a
- above
- Action
- After
- and
- appear
- assist
- assumed
- ATH
- attempting
- back
- bearish
- Bears
- Beginning
- between
- Beyond
- Bitcoin
- Bitcoin Price
- Break
- Broke
- BTC
- btc price
- Bullish
- Bulls
- cap
- Chess
- Coinpedia
- coming
- consolidation
- Couple
- Cross
- crucial
- Current
- Days
- Death
- dire
- Dominance
- Drop
- during
- Entire
- entry
- Even
- Event
- expected
- extremely
- First
- flashing
- formed
- FRAME
- from
- Gains
- game
- Golden
- However
- HTTPS
- Impact
- in
- inception
- indicates
- initially
- Intensifies
- IT
- jump
- larger
- levels
- longer
- massive
- max-width
- more
- New
- notable
- notably
- passive
- past
- plato
- Plato Data Intelligence
- PlatoData
- present
- pretty
- previous
- price
- rally
- rebound
- remain
- Resistance
- signals
- since
- Space
- strike
- support
- The
- time
- to
- trade
- Trend
- under
- Uplift
- week
- weekend
- which
- win
- woefully
- zephyrnet