Bitcoin Golden Cross Update You Need to Know About
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Bitcoin Golden Cross Update You Need to Know About

If Bitcoin moves in a downward direction, how soon can this happen? The cross of death on June 19 was an important event in the history of Bitcoin. For the first time, the Cross of Death did not affect the price of a royal coin more than it did before. The Death Cross was priced at $ 35,000, and at the time of publication, the price was still $ 35,380. This showed that the event did not have immediate consequences. But does this mean that the Golden Cross is here?

When is the Golden Cross?

Technically, the Golden Cross is still a long way off, since we have not yet reached expected dates… However, recent analysis by analyst Benjamin Cowen shows that these dates may be pushed back even further due to the updated movements. At the moment, following the Death Cross, the 50-day moving average and 200-day moving average are in the expected areas. But since prices were not hit hard, this was expected to be short-lived.

Since both moving averages are lagging indicators, they do not reflect the exact current movement. However, at the time of publication, both indicators began to diverge even more. The golden cross occurs when the 50 DMA is replaced by the 200 DMA. And for that to happen, the 50th DMA must start moving up. Right now, both DMAs have a $ 7000 split between them.

Bitcoin weekly chart with Cowen Corridor as support | Source: Benjamin Cowen

Cowan expressed his opinion on the same:

“We have a long way to go before we can hope for a resumption of any major bullish sentiment in the market. It will take longer. “

On the other hand, the popular Rekt Capital analyst named the expected time for the Golden Cross closer to the end of July – beginning of September. But due to volatility, anything can happen, so it’s important to keep an eye on the market.

Golden Cross expected | A source: Rect Capital

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