Bitcoin
The price chart is echoing a bullish pattern that pressed the price increase of 2024 from $ 70,000 to $ 100,000 amid increasing concerns about the sustainability of the debt of the United States.
The main value of the cryptocurrency per market appears on the way to confirm a “Golden Cross” in the next few days, according to the TradingView platform. The pattern occurs when the simple mobile average (SMA) of 50 days of prices crosses above the 200 -day SMA to suggest that the short -term trend exceeds the broader trend, with the potential to evolve to a great bull race.
Golden Cross based on the mobile average has a mixed record of predicting price trends. However, the imminent is worth pointing out because it is about to happen weeks after its omothel one that sounds opposite, the cross of death, caught the bears on the wrong side of the market.
A similar pattern was developed from August to September 2024, preparing the stage for a convincing movement above $ 70,000 in early November. The prices finally established a superior record above $ 109K in January of this year.
The left box shows that BTC played by touching around $ 50,000 at the beginning of August last year, since the 50 -day SMA moved below the 200 -day SMA to confirm the cross of death.
In other words, the cross of death was a trap for bears, very similar to that of the beginning of April this year. The prices rose more in the subsequent weeks, and finally began a new upward trend after the appearance of the Golden Cross at the end of October 2024.
The upward sequence is repeated since the beginning of April, and prices could begin the next highest stage after the confirmation of the Golden Cross in the next few days.
Past performance does not guarantee future results, and technical patterns are not always delivered as expected. That said, the macro factors seem aligned with the bullish technical configuration.
Moody’s amplifies the concerns of the United States debt
On Friday, the Moody’s credit qualification agency reduced the sovereign credit qualification of the United States of the largest “AAA” A “AA1”, citing concerns about the growing national debt, which has now reached $ 36 billion.
The bond market has been setting tax concerns for some time. Last week, Coendesk detailed how the persistent high treasure yields reflected the continuous tax waste expectations and sovereign risk premium, both bullies for Bitcoin.
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