Bitcoin Golden Cross: Will BTC Price Hit $31K By June End?

Bitcoin Golden Cross: Will BTC Price Hit $31K By June End?

Time Stamp: June 21, 2023 1:53 AM

The Bitcoin (BTC) market led the entire crypto industry in gains on Tuesday adding about 5.1 percent in total valuation to approximately $1.13 trillion. Interestingly, Bitcoin dominance jumped another leap toward 51 percent on Tuesday, thus surprising the possibility of an altcoin season soon.

The crypto upside move on Tuesday was so abrupt that over 43k traders were rekt more than $155 million. As a result, the Bitcoin open interest (OI) jumped by 9 percent to more than $13 billion.

Bitcoin Golden Cross: Will BTC Price Hit $31K By June End? PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Bitcoin Price Under Whale’s Spell

The Bitcoin market is less arguably on track to print this year’s ATH fueled by institutional investors’ adoption. Already, BlackRock opened a new phase where large institutional investors are looking to expose their investments to crypto markets.

Furthermore, the crypto market adoption by retail investors has pushed mainstream investors in the same direction. As a result, the early adopters of digital assets including MicroStrategy, Binance, Coinbase, and the rest are expected to reap huge benefits in the near future.

From a technical standpoint, the Bitcoin market is more bullish than bearish following the recent rebound. According to popular crypto analyst Captain Faibik, the weekly falling wedge breakout has been confirmed with the daily RSI breaking out of a 6-months downtrend. As a result, the analyst expects Bitcoin price to trade around $31k soon.

Interestingly, Bitcoin’s weekly price is on the cusp of printing a golden cross between 20 and 200 MA for the first time in its history. If it happens, the 50 and 200 MAs could also be headed for a golden cross in the coming months.

Time Stamp:

More from Coinpedia