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Crucial Bitcoin (BTC) Indicators Make Bullish Cross
In a significant development, crucial indicators in the Bitcoin market have made a bullish crossover, hinting at a potential protracted bull run. The 20-week Simple Moving Average (SMA), which has historically preceded major price surges, has surpassed the 50-week SMA. This phenomenon is similar to previous cycles where such crossovers preceded extended uptrends.
The recent event has sparked excitement among traders and investors as it echoes a similar setup seen prior to Bitcoin’s explosive rally in 2021. The fact that this crossover has occurred while Bitcoin trades above both the 100-week SMA ($54,930) and the eight-week SMA ($98,960), further reinforces the positivity of the short-term momentum.
The bearish view would suggest that Bitcoin may be due for a correction or pullback before resuming its uptrend.
Source: https://u.today/crucial-bitcoin-btc-indicators-make-bullish-cross
