Bitcoin Soars Above $5,500 As Crypto Analysts Confirm Golden Cross on Higher BTC Trading Volume
As Bitcoin’s price rises above $5,500 for the first time in over five months, crypto analysts are confirming a golden cross in trading activity, indicating a resurgence of the bull market.
Bloomberg reports that this is Bitcoin’s first golden cross in over three years, a sign that the crypto winter may soon be over.
A golden cross is a technical indicator that identifies when an asset’s short-term 50-day moving average rises above its long-term moving average. Typically, the indicator is reinforced by higher trading volumes.
The last time golden cross occurred on Bitcoin when it was $250.
Even though it generally signifies a bullish signal for the long term, the short term could see 20-30% retracement
Remember the Death cross at 6k bottom early last year and then bitcoin doubled the next month?
— Anondran (@anondran) April 20, 2019
Messari’s Real 10 Volumes, which aggregates 24-hour trading volume from a select group of crypto exchanges, shows that BTC volume has jumped from $671 million to over $763 million within the past eight hours.
Bitcoin dominance has climbed from 52.5% to 53.5% within the past 24 hours at time of writing, according to data compiled on CoinMarketCap.
Meanwhile, BTC’s price rose to a five-month high in just under 10 minutes on April 23, marking its highest hike since November 2018.
The golden cross is the first since October 2015 when Bitcoin started its bull trend from $300 to nearly $20,000 in 2017.
Bitcoin market capitalization at time of writing is $98,611,329,709 with BTC currently trading at $5,590, after briefly pushing past $5,600.