Crypto
Home›Crypto›Market Structure›Bitcoin rallies after golden cross forms above key mov…
Bitcoin rallies after golden cross forms above key moving averages
Bitcoin traded around $72,600 and rose more than 10% in 24 hours after rallying above $70,000 U.S.
Bitcoin has formed a bullish “golden cross” pattern, with its price above key long term trend levels ahead of Aug. 20, according to Yahoo Finance.
The 50-day simple moving average for BTC is currently about $63,976 U.S., after crossing above the 200-day simple moving average near $69,005 U.S., a setup often viewed as a long term momentum signal.
In afternoon trading, BTC was changing hands at roughly $72,600 U.S., its highest level in months, after trading below $65,000 U.S. for about six weeks.
Yahoo Finance also links the surge to a call from U.S. President Donald Trump for Congress to pass the Clarity Act, though it notes some analysts are warning the move could be a short term relief rally.
Latest closeBitcoin $81,906.63 ▼1.4%