The digital currency Bitcoin has surpassed the $51,000 price tag. And he’s on his way to further strengthening. The short-term price curve is close to the long-term one from below, which is perceived by investors as a growth signal.
Bitcoin has been trading at around $50,000 over the past weekend. The oldest and most widely used cryptocurrency practically tested the resilience of an important psychological boundary. On Monday, it even swwed above 51,000, which is cause for optimism for investors. Not because the 50,000-strong border itself has resisted, but for a slightly different reason.
Bitcoin is approaching the so-called golden cross. This is when a curve mapping the evolution of the 50-day price average perches a curve from below that shows the 200-day price average. In the cryptocurrency community, this phenomenon is referred to as the Golden Cross. When a gold cross is created, the price of Bitcoin usually rises further after it is reached. It is effectively a signal that bulls are gaining the upper hand over bears in the market, signalling a possible strengthening of this virtual currency. However, there is still a risk that Bitcoin may also be heading downwards.
