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Crucial Bitcoin (BTC) Indicators Make Bullish Cross
A bullish crossover has occurred in the Bitcoin market as the 20-week Simple Moving Average (SMA) surpasses the 50-week SMA. This setup has historically preceded protracted uptrends, with a similar scenario playing out prior to the 2021 explosive rally.
This development indicates that the short- and medium-term momentum remains positive. The cryptocurrency is currently trading above both the 100-week SMA ($54,930) and the eight-week SMA ($98,960). If Bitcoin’s price action continues to hold these levels, a break above $91,000 (20-week SMA) and $74,000 (50-week SMA) could be possible.
The market sentiment remains positive as Bitcoin has maintained its support at previous lows. However, traders should remain vigilant for any potential declines in the short-term, as volatility is still a characteristic of Bitcoin’s price movement.
A prolonged bull run may soon follow if the cryptocurrency continues to respect these critical SMAs.
Source: u.today
