Recently, the renowned crypto analyst ‘Titan of Crypto’ shared with his massive following a technical pattern that has never been witnessed before in the cryptocurrency market. This pattern is none other than a golden cross forming between the 100-day moving average and the 200-day moving average. Traditionally, a golden cross occurs when a shorter-term moving average, like the 50-day MA, crosses above a longer-term one, such as the 200-day MA. This formation typically indicates a bullish trend reversal on a long-term scale.
With the unveiling of this unique pattern, ‘CrediBULL Crypto’ foresees a potential further decline in Bitcoin’s price to the $56,000 level before any significant relief rally. This aligns with the predictions of many other analysts who anticipate negative price action for BTC in the month of September. The current stagnation in price movement is expected by CryptoPotato to lead to a substantial shift, with the prevailing sentiment leaning towards another market flush-out.
Delving deeper into the technical analysis realm, ‘Rekt Capital’ noted that Bitcoin is making all the right moves to prevent the channel bottom from transforming into a new resistance level. The asset is striving to reclaim the higher low established in July but requires a weekly close above $58,300 to solidify its position within the channel. Despite a 3% increase within the last 24 hours and reaching an intraday high of $59,800, Bitcoin faces the next hurdle of resistance at the $61,000 zone, although it currently retreats to $59,300.
As of the latest data, the total crypto market capitalization has risen by approximately 2% to reach $2.17 trillion, with most altcoins slightly outperforming BTC. Notable gainers in the market include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI). While Bitcoin continues its journey amidst a volatile market landscape, the clash of market analysts and their diverging predictions add an additional layer of complexity to the crypto sphere.
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