According to data, the weekly SMA 50 was $28,102 and is rising at press time, while the weekly SMA was $29,301.
Since mid-October, Bitcoin has risen for seven weeks in a row, surpassing the $42,000 level. If this week concludes positively, Bitcoin will have gained for the eighth week in a row.
Crypto-specific factors have contributed to Bitcoin’s stellar 152% rise in 2023, with BTC reaching new yearly highs of $42,410 in Monday’s trading session.
A golden cross, which is produced when the SMA 50 crosses above the SMA 200, implies that short-term price momentum is outpacing long-term price momentum, perhaps resulting in a bull run. Based on this indicator, Bitcoin’s weekly may emerge in the coming weeks.
Citing prior precedents, in the weeks following the September 2021 golden cross, Bitcoin rose to a new high of $69,000. The forthcoming golden cross may live up to its storied past, given the optimism over the likely launch of a U.S.-based spot ETF.
Meanwhile, the euphoria surrounding Bitcoin crossing $42,000 continues trending across crypto platforms, according to Santiment.
However, some technical indicators, such as the RSI, a momentum gauge, might suggest Bitcoin’s rally has become stretched.
According to Santiment, Bitcoin’s RSI suggests a brief cooldown for the BTC price after surpassing $42,000. If this happens and the RSI stays at 65, Bitcoin might aim for $50,000 more quickly.
Ali, a crypto analyst, notes that the most important resistance area for BTC is at $47,360, while $37,000 has now become a significant support zone.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
