Bitcoin ‘golden cross’ due in days as bears draw a line at $47K BTC price

Vote day for the Senate infrastructure bill is here, while BTC price action continues to cement higher support.

Bitcoin (BTC) returned to $46,000 after a brief consolidation on Tuesday amid continued surprise at the strength of BTC’s price comeback.

BTC/USD 1-hour candle chart (Bitstamp). TradingView

3 days to Bitcoin golden cross

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around the $46,000 mark o Tuesday.

The pair had spent the night ranging slightly lower, at one point testing and recovering from $45,000 support.

BTC/USD chart with golden cross scenario. Rekt Capital/Twitter

In the absence of a larger pullback after days of significant gains, analysts were keen eyeing the approaching “golden cross” event on the daily moving average and weekly moving average convergence/divergence (MACD) BTC/USD charts.

BTC/USD 1-week candle chart (Bitstamp) with MACD marked. TradingView

Traditionally considered to be a bullish event, a golden cross involves the rising 50-day moving average crossing above the 200-day moving average.

“The new BTC Golden Cross is only 3 days away,” trader and analyst Rekt Capital confirmed.

Turning to the four-hour chart, Rekt Capital added that Bitcoin had “confirmed” a breakout over a longer-term range.

#BTC confirmed the breakout with a 4HR Close above the Ascending Triangle

Not only that but $BTC has also successfully retested the top of its breakout structure#Crypto #Bitcoin— Rekt Capital (@rektcapital) August 10, 2021

However, $47,000 still remained a crucial level to break, with sellers lined up prior to the psychologically significant $50,000 zone.

BTC/USD buy and sell levels (Binance) as of Aug. 10. Material Indicators/Twitter

Crunch time for infrastructure bill

As Cointelegraph reported, it may not be all smooth sailing in the coming days. Tuesday was scheduled to see voting for the United States’ infrastructure bill, which could go into law with inflammatory language regarding cryptocurrency tax procedures.

Concerns over the bill’s final form had not swayed sentiment over the weekend, however, as Bitcoin continued to gain, recovering ground originally lost in the May price crash.

“The public reacting to the infrastructure bill the way they have shown the Government how important Bitcoin is,” Danny Scott, CEO of United Kingdom exchange CoinCorner, argued Sunday.

“The public care for it and are willing to fight. They wouldn’t care if it was a bank related rule. Bitcoin is changing the world. Regardless of result it’s pivotal.”

Overall, Bitcoin was up 4.85% on the day, with weekly gains standing at 19.1% at the time of writing.


Share this post:

Post comment

Your email address will not be published. Required fields are marked *