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BTC prices surged to an intraday high of $62,790 during the Friday morning Asian trading session. 
The move added 9.5% to the value of the asset over the past 12 hours as it <a href="https://cryptopotato.com/bitcoin-forms-bullish-ascending-flag-pattern-predicting-potential-breakout/" data-wpel-link="internal">climbed</a> from its intraday low of $57,000 late on Aug. 8. 
Bitcoin has now recovered around 25% from its dump to $49,800 on Monday following a <a href="https://cryptopotato.com/crypto-dip-buying-continues-as-binance-sees-2-4b-inflows/" data-wpel-link="internal">bout of dip buying</a> and is on track for recovery back to its range-bound channel and accumulation zone. 
<h2 id="death-cross-averted">Death Cross Averted</h2> 
In a post on X on Aug.9, analyst and ITC Crypto founder Benjamin Cowen said that Bitcoin would rally into its death cross. 
The forecast has now materialized, and the <a href="https://cryptopotato.com/crypto-market-cycle-indicator-shows-bear-signs-but-heres-why-you-shouldnt-worry/" data-wpel-link="internal">bearish</a> technical signal is in the past … for now. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 On Monday on my YouTube channel I mentioned that we would likely see a <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#BTC</a> rally into its death cross. 
 You can see that rally has now arrived. 
 So perhaps some context is needed – 
 What happened during prior death crosses? 
 Thread <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/pDbfYTseYs" data-wpel-link="external" target="_blank">pic.twitter.com/pDbfYTseYs</a> 
 — Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1821676892904423486?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">August 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
A death cross is a technical analysis indicator that shows a short-term moving average falling below a longer-term moving average, usually a 50-day and a 200-day. It is often a signal of a bearish trend reversal, but that is not always the case. 
Cowen observed that in 2023, BTC started its rally just after the <a href="https://cryptopotato.com/is-the-bitcoin-price-in-danger-death-cross-looms-and-heres-what-it-means/" data-wpel-link="internal">death cross</a>. “It then got above its 50-day SMA (simple moving average) and subsequently held it as support before going higher,” he added. 
However, in 2022, there was a small rally into the death cross, but it faded after the chart pattern occurred. 
The analyst concluded that Bitcoin would have to hold above support at $62,000 for the move upwards to be sustained. However, the asset has since retraced below that level. 
<blockquote>
 “The durability of this move will likely depend on first BTC getting above its 50D SMA ($62k), and then holding it as support like it did in 2023.”
</blockquote> 
Analysts responding to the tweet said, “The first death cross is not a big deal, it’s the second one we should be more nervous about.” 
There were two death crosses during the 2021 bull market, a large rally followed the first but the two-year bear market followed the second. 
https://twitter.com/Crypto_Twittier/status/1821720896450502825 
<h2 id="elsewhere-on-crypto-markets">Elsewhere on Crypto Markets</h2> 
Total capitalization has gained 6% on the day, returning to $2.2 trillion at the time of writing. However, it needs to reclaim $2.5 trillion to wipe out all losses this week. 
Bitcoin has been in the driving seat, but&nbsp;<a href="https://cryptopotato.com/no-demand-blackrocks-eth-fund-enters-top-6-etf-launches-of-2024/" target="_blank" rel="noopener" data-wpel-link="internal">Ethereum</a> is also showing strong signs of recovery. ETH added 9% on the day, topping $2,700 during Asian trading before cooling slightly to trade at $2,630 at the time of writing. 
Altcoins are mostly in the green with double-digit gains for Near Protocol (NEAR), Pepe (PEPE), Stacks (STX), Bittensor (TAO), and a whopping 32% for Sui (SUI). 
The post <a href="https://cryptopotato.com/bitcoin-soared-to-almost-63000-following-death-cross-rally/" rel="nofollow">Bitcoin Soared to Almost $63,000 Following Death Cross Rally</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Soared to Almost $63,000 Following Death Cross Rally

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