Bitcoin Golden Cross Is Near: Major Signal Rises

With its medium-term moving averages quickly converging following its spectacular August recovery, Bitcoin is getting close to one of the most recognizable bullish technical signals. However, what transpires in the vicinity of the $80,000–$82,000 resistance zone will determine how significant the possible golden cross is.

Bitcoin's 200-day recovery possibility

After rising from the June low of about $58,000, Bitcoin is currently trading around $79,250. More significantly, the moving-average structure was entirely altered by the August breakout. As the shorter averages started to rise more quickly, Bitcoin recovered the 200-day moving average, which is currently close to $72,830.

The slower 100-day average is currently close to $70,560, and the 50-day moving average is currently around $70,210. This positions the two nearly on top of one another. A bullish crossover would demonstrate Bitcoin's medium-term momentum has significantly changed. But another rally is not assured by the golden cross alonem it's a mere confirmation.

Moving-average crossovers are lagging indicators, as the majority of the recovery needed to produce the signal has already occurred. Prior to the crossover, Bitcoin surged from about $63,000 to over $80,000. Because of this, the current price structure is more significant than the actual cross.