The largest cryptocurrency, Bitcoin (BTC), battles bearish pressure, and as a result, gains enough positive momentum to cause a highly uncommon “golden cross” on a crucial time frame. An expert analyst explains why now is a crucial time for the BTC bullish cycle as a whole.
Bitcoin (BTC) monthly MACD turned bullish after four years
The third “golden cross” for Bitcoin (BTC)’s moving average convergence/divergence indicator on a 30-day time period was recorded today, on June 30, 2023. An anonymous bitcoin expert known on Twitter as @CryptoJelleNL noted this fact.
One trustworthy trendline momentum indicator is the MACD. Its purpose is to illustrate the correlation between two exponential moving averages (EMAs) of the price of an asset. The 26-period EMA is subtracted from the 12-period EMA in order to generate the trendline.
A bullish “cross” on the MACD on a monthly Bitcoin (BTC) chart is quite uncommon. It had only ever been registered twice before, in late 2015 and June of 2019. This signal predicted an impending bullish run both times. The Bitcoin (BTC) price increased by 4,000% in the 2015–2016 period following the occurrence of this signal. The price of the orange coin climbed by 400% throughout the 2019–2021 period.
However, the analyst emphasises that this indication is a critical “sell” signal in the short term.
The signal for 2019 appeared at the height of the mid-cycle rally. Something to watch out for!
Below this remark, some commenters expressed their opinion that since the monthly candle for Bitcoin (BTC) has not yet closed, the indication may not be reliable.
Bitcoin (BTC) plummets by 4.1% in no time: Reason
At the same time, Bitcoin’s (BTC) recent decline surprised many bulls. Bitcoin (BTC) recently declined as the SEC deemed the BlackRock and Fidelity Bitcoin ETF filings to be “inadequate.”
On the main spot trading platforms, it fell from $31,100 to $29,800 in a matter of seconds. Therefore, the first cryptocurrency lost more than 4.12% in a short period of time.
90% of the positions liquidated in the last hour in BTC totaled over $3 million and were long positions. By the time of publication, the price had largely recovered its losses and had reached $30,050.
