Bitcoin faces a massively powerful bull trap that could result in a sharp sell-off that would see the cryptocurrency go through the $47,000 mark.
Bitcoin (BTC) has been in a downtrend for the past 2 years, with the price below $10,000. However, it seems like the bearish trend is now over, at least for the moment.
Bitcoin’s price has been on a tear due to its rapid growth and adoption, but many in the community are calling the end of the bull run. This week, the digital currency fell to a low of around $47,000 and was down around $300 billion and losing $10 billion a day by yesterday. However, much of the downturn can be attributed to news that the first reversal in the growth trend of the past year was likely to occur, leading many bears to draw the line at $47,000.. Read more about bitcoin golden cross 2021 and let us know what you think.
After a short stabilization on Aug. 10, Bitcoin (BTC) rebounded to $46,000 amid continuing astonishment at the intensity of the BTC price recovery.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
3 days until the golden cross of Bitcoin
BTC/USD was hanging around $46,000 on Tuesday, according to data from Cointelegraph Markets Pro and TradingView.
The duo had spent the night somewhat lower, trying and recovering from $45,000 support at one point.
A golden cross situation is shown on the BTC/USD chart. Rekt Capital/Twitter is the source of this information.
Analysts were keeping a close watch on the impending “golden cross” event on the daily moving average and weekly moving average convergence/ divergence (MACD) BTC/USD charts in the absence of a bigger reversal following days of strong gains.
1-week candle chart of BTC/USD (Bitstamp) with MACD highlighted. TradingView is the source of this information.
A golden cross occurs when the rising 50-day moving average crosses over the 200-day moving average, which is traditionally regarded a bullish occurrence.
Rekt Capital, a trader and analyst, verified that the next BTC Golden Cross is just 3 days away.
Rekt Capital noted that Bitcoin has “confirmed” a breakthrough above a longer-term range on the 4-hour chart.
With a 4HR Close above the Ascending Triangle, #BTC verified the breakthrough.
Furthermore, $BTC has successfully retested the top of its breakout structure. #Crypto #Bitcoin https://t.co/VOggAPbiIO pic.twitter.com/PPRBcHmX6p
10 August 2021 — Rekt Capital (@rektcapital)
With sellers lining up ahead of the psychologically important $50,000 zone, $47,000 remained a vital barrier to breach.
BTC/USD buy and sell values as of August 10 (Binance). Material Indicators/Twitter as a source
Time is of the essence for the infrastructure bill.
It may not be all smooth sailing in the coming days, as Cointelegraph reported — Tuesday was set for vote on the US infrastructure bill, which may become law with controversial wording about bitcoin tax processes.
‘We’ll be back on this,’ says Alabama senator in response to crypto amendment.
Concerns over the bill’s ultimate shape did not influence opinion over the weekend, as Bitcoin continued to rise, regaining ground lost during the price collapse in May.
“The public’s reaction to the infrastructure bill demonstrates to the government how essential Bitcoin is,” said Danny Scott, CEO of CoinCorner in the United Kingdom, on Sunday.
“The general people cares about it and is ready to fight for it. They wouldn’t give a damn if it was a banking regulation. The world is changing because of Bitcoin. It’s crucial, regardless of the outcome.”
Bitcoin was up 4.85 percent on the day, putting its weekly gains at 19.1 percent as of this writing.
Bitcoin’s price has been on a tear this year, but the bulls are about to lose steam. The cryptocurrency is on track for one of its longest losing streaks in a year, after dropping below $47,000 on Friday. The bitcoin price has been on an upward march since, but it had begun to slow down on Friday, dropping below $47,000, according to the CoinDesk Bitcoin Price Index.. Read more about bitcoin price and let us know what you think.
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