The “Golden Cross” Is Approaching As Bitcoin Needs To Break The $47,000 Resistance

 


Bitcoin (BTC) has returned to $46,000 after a brief period of consolidation on Aug. 10 amid continued momentum.

Countdown 3 days to golden cross BTC

Data from Cointelegraph Markets Pro and TradingView shows the BTC/USD pair hovering around the $46,000 mark on Tuesday.

BTC price experienced a slight overnight correction to the $45,000 support before rising to current levels.


In the absence of a major pullback following the strong bullish days, analysts will keep an eye out for an approaching “golden cross” on the moving averages (MA) histogram. daily and weekly moving average convergence/divergence (MACD) of BTC/USD.


Often seen as a bullish sign, a golden cross occurs when the 50-day MA crosses bullishly with the 200-day MA.

“Golden Cross BTC is only 3 days away,” confirmed analyst and trader Rekt Capital.

Using the 4-hour chart, Rekt Capital added that Bitcoin has “confirmed” a breakout of a longer-term range.


However, $47,000 remains an important resistance that BTC needs to break for now, as sell orders pile up here before heading towards the key psychological $50,000 mark.

Prepare for the infrastructure bill

As reported, things may not go well in the coming days for cryptocurrencies. Tuesday will see US congressmen vote on the US infrastructure bill, which, if passed, would contain confusing regulations regarding crypto tax procedures.


However, concerns about the bill's final decision did not affect sentiment over the weekend, as Bitcoin continued to rise, regaining what was lost during the May drop.

“The public reacted to the infrastructure bill the same way they showed the Government how important Bitcoin is,” argues Danny Scott, CEO of UK-based exchange CoinCorner.

“The public cares about it and is ready to fight. They won't care if it's a bank-related rule. Bitcoin is changing the world. Regardless of the outcome, it [BTC] matters.”

Overall, Bitcoin is up 4.85% on the day, while the weekly gain is 19.1% at press time.


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