Bitcoin Price Charts Rare Golden Cross Pattern

Golden crosses are bullish indicators. They suggest recent price action has deviated so far from the 200-day average that the market is reevaluating the floor price level. When this happens with Bitcoin, it can lead to bubble-like melt-ups.

The BTC 50-day moving average has been riding the 200-day MA close since November. But it finally broke above the slower moving average on August 4. Since then, Bitcoin’s 50-day moving average has fallen and given some space back to the longer trend.

A golden cross of the 50 and 200-day moving average for BTC has only happened twice before! This is the third golden cross of this kind in the crypto’s entire history as a traded asset.