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 <p class="paragraph">After a sudden dip that retraced the Bitcoin (BTC) <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>, this flagship crypto is slowly recuperating, and one pattern can be a sign of bullish things to come.</p> 
 <p class="paragraph">BTC has recently experienced a significant event in the trading realm known as the “Golden Cross.” This occurrence marks the first time this bullish pattern has manifested on the weekly chart, as per X post from analytics platform <em>Barchart</em> on January 8.</p> 
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  <img decoding="async" width="1024" height="702" src="https://cdn.thebittimes.com/images/2024/01/08/fb01c2af72f76f71cf0aa4c0c42d7417.webp" alt="Bitcoin weekly Golden Cross. Source: Barchart" class="wp-image-147833" srcset="https://cdn.thebittimes.com/images/2024/01/08/fb01c2af72f76f71cf0aa4c0c42d7417.webp 1024w, https://cdn.thebittimes.com/images/2024/01/08/fb01c2af72f76f71cf0aa4c0c42d7417.webp 300w, https://cdn.thebittimes.com/images/2024/01/08/fb01c2af72f76f71cf0aa4c0c42d7417.webp 768w, https://cdn.thebittimes.com/images/2024/01/08/fb01c2af72f76f71cf0aa4c0c42d7417.webp 1173w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin weekly Golden Cross. Source: Barchart
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 </figure> 
 <p class="paragraph">A golden cross is identified when an asset’s short-term moving average (MA) surpasses its long-term moving average, signaling positive market sentiment.</p> 
 <h2 class="wp-block-heading" id="h-what-can-the-golden-cross-mean-for-btc">What can the Golden Cross mean for BTC?</h2> 
 <p class="paragraph">The occurrence on this cryptocurrency’s weekly chart involves the 50-week moving average surpassing the 200-week MA. Traditionally, this pattern is interpreted as a positive signal, hinting at the potential for a sustained upward trend.</p> 
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 <p class="paragraph">Nonetheless, it’s crucial to recognize that the Golden Cross can function as a lagging indicator. When this cross occurs, the market might have already incorporated the bullish sentiment, indicating that the pattern confirms an existing trend rather than forecasting a new one.</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">However, despite the formation of Golden Cross, the BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has experienced a downturn, losing approximately -0.34% of its value in the previous 24 hours.&nbsp;</p> 
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  <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/08/32edd12b67484a8768b1e8446a013507.webp" alt="Bitcoin 24-hour price chart. Source: Finbold
" class="wp-image-147834" srcset="https://cdn.thebittimes.com/images/2024/01/08/32edd12b67484a8768b1e8446a013507.webp 1024w, https://cdn.thebittimes.com/images/2024/01/08/32edd12b67484a8768b1e8446a013507.webp 300w, https://cdn.thebittimes.com/images/2024/01/08/32edd12b67484a8768b1e8446a013507.webp 768w, https://cdn.thebittimes.com/images/2024/01/08/32edd12b67484a8768b1e8446a013507.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 24-hour price chart. Source: Finbold 
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 </figure> 
 <p class="paragraph">On the <a rel="dofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> chart, things seem more optimistic due to the addition of 3.43% while still losing -0.62% during the last 30 days, as per the latest data obtained on January 8.</p> 
 <p class="paragraph">At the same time, the technical indicators indicate a prevailing sentiment labeled as ‘buy.’&nbsp;</p> 
 <p class="paragraph">An integrated evaluation of these indicators assigns a ‘buy’ rating at 15, with moving averages signaling a ‘strong buy’ at 13. Oscillators are tilting towards a ‘neutral’ rating, registering at 8.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="251" src="https://cdn.thebittimes.com/images/2024/01/08/a5da597919728f0d96f555a92a9ca872.webp" alt="Bitcoin technical analysis. Source: TradingView" class="wp-image-147835" srcset="https://cdn.thebittimes.com/images/2024/01/08/a5da597919728f0d96f555a92a9ca872.webp 1024w, https://cdn.thebittimes.com/images/2024/01/08/a5da597919728f0d96f555a92a9ca872.webp 300w, https://cdn.thebittimes.com/images/2024/01/08/a5da597919728f0d96f555a92a9ca872.webp 768w, https://cdn.thebittimes.com/images/2024/01/08/a5da597919728f0d96f555a92a9ca872.webp 1491w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin technical analysis. Source: TradingView
  </figcaption>
 </figure> 
 <p class="paragraph">Despite the formation of the <a rel="dofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> Golden Cross, it is essential to note that various sets of elements influence Bitcoin’s <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-forms-first-ever-weekly-golden-cross-what-it-means-for-btc-price-tbt75874.html">https://thebittimes.com/bitcoin-forms-first-ever-weekly-golden-cross-what-it-means-for-btc-price-tbt75874.html</a></p>

Bitcoin forms first ever weekly Golden Cross; What it means for BTC price?

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