Bitcoin (BTC) lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first time in 18 months.
Battle of the Bitcoin crosses begins
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tracking sideways overnight, having shunned volatility at the week’s first Wall Street open.
While failing to flip $23,000 to support, the pair nonetheless saw a potentially significant event on Feb. 6 in the form of a “golden cross” on the daily chart.
This refers to the rising 50-period moving average crossing over the 200-period moving average. The last time that this occurred on daily timeframes was in September 2021 — two months before Bitcoin’s latest all-time high.
Some crypto analysts have keenly watched the cross, with Venturefounder, a contributor to on-chain data platform CryptoQuant, arguing that $25,000 could reappear as a result.
“Bitcoin goldencross just happened!” he summarized in a Twitter reaction.