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Sunday, 21 July 2024

Bitcoin Golden Cross: Time to Buy or Brace for the Storm?

by trading commentator Angus Blewett

Bitcoin has recently experienced what experts in the cryptocurrency space refer to as a “Golden Cross.” The pressing question that emerges is whether it’s the opportune moment to acquire Bitcoin or if an impending market downturn looms on the horizon.

Presently, BTC is positioned above its Bull Market Support Band, holding its ground at an impressive $34,000. In the event of a price retracement, the Bull Market Support Band level of $28,907 is the level the bulls want to see hold for a continued move higher.

Bitcoin Bull Market Support Band is sitting at $28,907
Bitcoin Bull Market Support Band is sitting at $28,907

The recent occurrence of a Golden Cross in BTC is causing ripples in the financial waters. A Golden Cross materializes when the 50-day moving average goes above the 200-day moving average. A Golden Cross unfolds following a period of upward price movement, it is a lagging indicator reflecting what has already happened, contradictory to its name a Golden Cross historically has been followed by a downturn in price. Nevertheless, it is essential to acknowledge that there have been instances in the past where a Golden Cross didn’t result in a subsequent market sell-off. In the wake of a green September this year, which has only happened on four instances since 2010, speculation arises: “Could this time be different?”

Bitcoin Golden Cross
Bitcoin Golden Cross

The price of Bitcoin resonates as an indicator for the broader crypto landscape. An upwardly Bitcoin price mirrors the overall expansion of the market, with many hoping that Alt coins cryptocurrencies should follow suit.

Examining “Total 2,” a chart that reflects the total market cap of the entire cryptocurrency market, excluding Bitcoin, we observe an intriguing pattern. The price trajectory is striving to breach resistance. The question that looms is whether this will be yet another lower high.

TOTAL 2 - total market cap of the entire cryptocurrency market, excluding Bitcoin
TOTAL 2 – total market cap of the entire cryptocurrency market, excluding Bitcoin

The total crypto market capitalization has surged by an impressive 10.34%, reaching $1.28 trillion. Bitcoin’s Dominance has also observed a notable uptick, hitting levels of 54%.

Bitcoin dominance hit 54% before slightly retracing
Bitcoin dominance hit 54% before slightly retracing

In conclusion, the recent Bitcoin Golden Cross has ignited both excitement and caution within the cryptocurrency community. Investors ponder whether now is the time to embrace the asset dubbed “digital gold” or brace for a potential market correction. With a surge in total market capitalization and Bitcoin’s dominance on the rise, the cryptocurrency landscape is in for an interesting end to the year.

Jillian Godsil
Blockchain Advocate, Founder, Conference Chair, Women in Blockchain Advocate, Keynote Speaker, Crypto Journalist, Broadcaster, CEO, Writer, Homelessness Advocate, Former European Parliament Candidate, Law Changer, Mother, Choir Member, Hill Walker, Dreamer

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