Bitcoin Price Caught Between Daily Golden Cross and Weekly Death Cross – What’s Next?

The post Bitcoin Price Caught Between Daily Golden Cross and Weekly Death Cross – What’s Next? appeared first on Coinpedia Fintech News

The cryptocurrency market led by Bitcoin has mostly received bullish sentiments since the calendar flipped in January. According to the latest market data, Bitcoin price is up over 50 percent YTD, with the total market capitalization floating above $1 trillion.

However, most analysts unanimously agree the crypto market has not yet completed its choppy days. Furthermore, technical analysis of Bitcoin price reveals a neutral standpoint between the bulls and the bears.

However, the neutrality may not be extended as the short-term holders and long-term buyers synchronize in anticipation of next year’s halving event. Notably, Bitcoin price has been observed to rally after every halving due to the decline in market supply and an increase in demand. 

Bitcoin Price Analysis

Bitcoin price has fallen since hitting its ATH, around $69k, in November 2021. However, crypto analysts have been charting a possible beginning of a multi-quarter consolidation based on historical data.

Notably, Bitcoin price has the support of a golden cross on the daily time frame that occurred earlier this month. The golden cross occurs when the 200 MA crosses the 50 MA on the lower side. On the other hand, Bitcoin price has recorded a death cross for the first time in the weekly timeframe. 

The daily RSI shows a falling divergence with Bitcoin price forming a possible double top. Consequently, a price correction may be looming in the coming weeks, with the possibility below $21k. Another rejection of $25k could result in increased profit taking as long traders lose the January momentum.

Meanwhile, Bitcoin price could breakout toward $30k, fueled by FOMO traders.