Investors are looking for further upside as the BTC price continues to fluctuate between $43,000 – $45,000 ahead of the SEC's spot Bitcoin ETF decision.
At this point, analytics platform Barchart claimed that it was a first in Bitcoin history in its X post and said that there was a Golden Cross on BTC's weekly chart for the first time.
“Bitcoin is making history. For the first time in its history, BTC forms a Golden Cross on the weekly chart.”
BITCOIN MAKES HISTORY 🚨: For the first time in its history, $BTC forms a Golden Cross on the weekly chart pic.twitter.com/WslTG504TJ
— Barchart (@Barchart) January 8, 2024
This situation, known as the 'Golden Cross' in Turkish, is seen as a bullish signal in all markets.
The event, which usually occurs when the 50-day moving average (MA 50) crosses the 200-day moving average (MA 200), occurs for the first time in Bitcoin history on the weekly chart.
While traditionally this pattern is interpreted as a positive signal indicating the potential for a sustainable uptrend, it can sometimes act as a lagging indicator.
So sometimes when this intersection occurs, the market may already be in an uptrend. In this case, the golden cross formation means that the current uptrend is confirmed.
Bitcoin price is moving above $45,000 with the rise it has experienced in recent hours.
*This is not investment advice.
