Bitcoin surged 30% in two weeks
Bitcoin, the first and largest cryptocurrency by market capitalization, has just formed a golden cross. The last one was spotted in early February.
A golden cross is a chart pattern in which a shorter-term moving average, usually the daily MA 50, crosses over a longer-term moving average, usually the MA 200, indicating a rising bullish trend.
A golden cross suggests that short-term price momentum is outpacing long-term price momentum, which could lead to a bull run. Bitcoin surged 30% in two weeks, reaching levels above $35,000 for the first time since May 2022.
Expectations that the U.S. Securities and Exchange Commission will allow exchange-traded funds to invest directly in Bitcoin drove the largest cryptocurrency by market value to a high of $35,157 on Oct. 27—its highest level in roughly 18 months.
Despite profit-taking in the previous week, Bitcoin enjoyed a rebound over the weekend and may mark its third day in the green. BTC was up 0.59% in the last 24 hours to $34,640 at the time of writing.
According to IntoTheBlock, the Bitcoin market value to realized value (MVRV) ratio reveals that, despite reaching yearly highs, Bitcoin is not as overheated yet as during previous bull markets.Historically, Bitcoin bull markets have peaked at 300%+ MVRV, which, when compared to the current figure, indicates that the bull market has room to run even further.
According to a recent CryptoQuant analysis, Bitcoin is seeing increased interest among indirect investors.
This is due to the Fund Holding index recently reaching its highest level in two months. This index, which measures the total quantity of coins held by digital asset-holding entities such as trusts, rose dramatically in response to news of probable Bitcoin ETF approval in the United States.