Bitcoin eyes $36K support as chart hints at potential golden cross within weeks

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Bitcoin’s market dominance is around 73 percent, but there’s a chance it could hit a new high in the coming weeks. Technically, the golden cross is a rare bearish reversal pattern that appears in the chart of a stock, an asset like bitcoin or an index, and tells us whether the downtrend or uptrend is likely to continue.

The cryptocurrency market has undergone a tremendous growth this year. After crashing in January and February, Bitcoin has risen sharply in May and is now hovering around the $3,900 mark. However, the last bullish run has been short-lived and prices have gone into a steady decline in recent weeks. On May 21, the price reached $3,900 and hasn’t moved much since then. Meanwhile, the 200-day moving average is currently hovering around the $3,500 mark. If this level holds, the price may still head upwards in the near future.

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On August 4, Bitcoin (BTC) fell to a new low of $37,500 in a new leg of its decline from over $42,000.

Bitcoin eyes $36K support as chart hints at potential golden cross within weeks1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

As BTC cools,’so far, so good.’

BTC/USD was regularly testing and temporarily breaking over the $37,500 barrier on Wednesday, according to data from Cointelegraph Markets Pro and TradingView.

BTC price movement continued to retrace gains from the previous week as the market absorbed remarks from Gary Gensler, the incoming Chair of the Securities and Exchange Commission (SEC).

Traders were keeping a close watch on $36,000 as a key support level, according to Cointelegraph, a showdown with which BTC/USD has yet to begin.

On the day, Cointelegraph writer Michael van de Poppe concluded, “So far, so good for Bitcoin.”

Bitcoin eyes $36K support as chart hints at potential golden cross within weeksBTC/USD purchase and sell values as of Aug. 4 (Binance). Material Indicators/Twitter as a source

The validity of support at the target level was underlined by orderbook data from major exchange Binance, with sellers still queued up at $41,000 and higher.

After a little reactive rebound higher, BTC/USD was hovering around $37,650 at the time of writing.

Within weeks, you may move from death to riches.

Rekt Capital, a fellow trader, is similarly upbeat, predicting a much-anticipated “golden cross” occurrence on BTC/USD as early as the end of the month.

Related: 5 things to watch in Bitcoin this week if you’re betting on tax bill rumors

The increasing 50-day moving average price crossed over the 200-day moving average in a golden cross, the inverse of the “death cross.” Despite the fact that the most recent price rise was partly reversed, it managed to bring such a situation ahead following the death cross in June.

He observed Tuesday that “BTC has experienced such a comeback that the two Death Cross EMAs have begun to flip upwards.”

“If $BTC continues to hold these highs or rally higher then a best case scenario Golden Cross could occur in late August.”Bitcoin eyes $36K support as chart hints at potential golden cross within weeksBTC/USD 1-day candle chart (Binance) with crosses. Source: Rekt Capital/ Twitter

In the meanwhile, despite the pullback, market interest in higher price levels remained strong throughout the week. Bulls were boosted even further by strong on-chain statistics coupled with obvious, though unknown, purchasing activity.

Bitcoin has been on a steady path towards $36,000 over the past few weeks, as the chart above shows. It has had a couple of brief wobbles, including one at $3,750 last week, but otherwise it has been heading steadily upwards. Now, the Golden Cross is one of the most reliable ways of predicting a price move in a long-term uptrend. The breakout of the Golden Cross—which is a term for when the price of a set of chart candles hits a high point and then falls back below it within a certain number of candles—is a good way of predicting the short-term trend of price movements. This, therefore, could suggest that the price is headed upwards.. Read more about bitcoin death cross chart and let us know what you think.

This article broadly covered the following related topics:

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  • bitcoin death cross 2021

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Emilia James
By Emilia James

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