Bitcoin Tops Resistance at $51K as Golden Cross Nears

Bitcoin looks set to continue to rise after clearing a key resistance level, with charts hinting at a so-called golden crossover, a long-term bullish indicator.

On Sunday, the biggest cryptocurrency printed a UTC close well above $51,109, marking an upside break of the 61.8% Fibonacci retracement of the April-to-June sell-off.

The breakout could bring additional demand because chart traders often use Fibonacci ratios such as 61.8%, 38.2%, and 23.6% to identify support, resistance and trading opportunities.

Trend-following traders consider the golden cross as a buy signal and may hit the market with fresh bids. The previous instance of the golden cross, in May 2020, was followed by an 11-month climb that saw prices rise from $9,000 to over $60,000. It’s not, however, a perfect indicator, having trapped traders on the wrong side of the market in February 2020 and July 2014.

Still, the latest golden cross is backed by bullish on-chain data showing renewed accumulation by large investors and a declining bitcoin balance on exchanges. Bitcoin is currently trading largely unchanged on the day near $51,800.

 Source

7 Comments

Stevens Steril
Stevens Steril 3 months ago
I need some bitcon
   0 0
Ahmadzai
Ahmadzai 5 months ago
Nice
   0 0
Olawore1
Olawore1 5 months ago
I need a Bitcoin.
   0 0
Sampson
Sampson 5 months ago
Nice
   0 0
Nadeem Raza
Nadeem Raza 5 months ago
Good
   1 0
Lazaman
Lazaman 5 months ago
First time
   1 0
Lazaman
Lazaman 5 months ago
I see this wan
   2 0
Show more