Bitcoin Price Heads For Golden Cross

Bitcoin is heading for a golden cross on the daily chart! A golden cross is when the 50-day moving average passes the 200-day moving average to the upside. While the technical indicator is nothing more than a simple indicator of an asset’s momentum and recent price trends, it is one that is particularly followed and watched by traders and large capital allocators in the financial system.

Below are the historical returns across various timeframes for golden crosses throughout the history of bitcoin:

While technical indicators are near irrelevant in terms of the long-term adoption of bitcoin as a global monetary network, the golden cross is encouraging to momentum-driven traders and could signal that the next leg up for bitcoin is close by.

Gary Gensler Is Coming For “Crypto” 

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testified in front of the U.S. Senate banking committee today with crosshairs set on cryptocurrency trading and lending platforms, stable value coins, and the legal status of offering and selling crypto tokens that may be classified as securities. In a document highlighting Gensler’s key points made today released beforehand, the following was said:

Source link Bitcoin Magazine

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