Cryptocurrency

Bitcoin

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 <p class="paragraph">Bitcoin’s (BTC) value has threaded among the $40,000 to $45,000 range, unable to surpass the crucial resistance level amidst prolonged consolidation in the overall market.&nbsp;</p>
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 <p class="paragraph">Nevertheless, Bitcoin’s technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> indicates the potential for the asset to embark on another all-time high, drawing insights from historical price movements.</p>
 <p class="paragraph">Specifically, the flagship cryptocurrency looks set to conclude its first-ever <a rel="noopener noreferrer nofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> golden cross pattern—a bullish long-term price signal.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="559" src="https://cdn.thebittimes.com/images/2023/12/22/8176debea9424d03717a9be180a02735.webp" alt="Bitcoin 50-week SMA to 200-week SMA ratio chart. Source: TradingView
" class="wp-image-144783" srcset="https://cdn.thebittimes.com/images/2023/12/22/8176debea9424d03717a9be180a02735.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/8176debea9424d03717a9be180a02735.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/8176debea9424d03717a9be180a02735.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/8176debea9424d03717a9be180a02735.webp 1512w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 50-week SMA to 200-week SMA ratio chart. Source: TradingView
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 <p class="paragraph">A golden cross transpires in any market when the 50-day moving average rises above the 200-week moving average. Observing the Bitcoin market cap, the inaugural golden cross is anticipated this week, provided BTC does not experience a substantial drop between now and December 25.</p>
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 <p class="paragraph">Bitcoin’s price has encountered recent volatility, and the golden cross is interpreted as an optimistic indicator of the asset’s price trajectory.</p>
 <h2 class="wp-block-heading" id="h-start-of-btc-bull-run">Start of BTC bull run?</h2>
 <p class="paragraph">As noted before, when the 50-day SMA surpasses the 200-day SMA of a digital asset, it usually forecasts the start of a bullish period in the near future.</p>
 <p class="paragraph">As history tends to repeat itself, the BTC price movement is not an exception; looking back at the previous periods can tell us a lot about the potential future price movements, as per a post from crypto analyst <em>TAnalyst</em> on December 22.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="999" src="https://cdn.thebittimes.com/images/2023/12/22/08353a673ea132885f3f16344561576a.webp" alt="Bitcoin's historical price pattern and its possible repetition chart. Source: TAnalyst
" class="wp-image-144784" srcset="https://cdn.thebittimes.com/images/2023/12/22/08353a673ea132885f3f16344561576a.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/08353a673ea132885f3f16344561576a.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/08353a673ea132885f3f16344561576a.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/08353a673ea132885f3f16344561576a.webp 1536w, https://cdn.thebittimes.com/images/2023/12/22/08353a673ea132885f3f16344561576a.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin’s historical price pattern and its possible repetition chart. Source: TAnalyst
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 <p class="paragraph">The expectation is that the upcoming Bitcoin halving, scheduled for 2024, might initiate the start of a fresh market cycle.</p>
 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of press, BTC was trading at $43,599, representing a decrease of -0.90% in the past 24 hours, contrary to the gains made on a <a rel="noopener noreferrer nofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> chart of 2.29% and 19.23% on the monthly chart, respectively.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/22/5ebde5513c8eec45b5aacb5680dc065c.webp" alt="Bitcoin 7-day price chart. Source: Finbold
" class="wp-image-144785" srcset="https://cdn.thebittimes.com/images/2023/12/22/5ebde5513c8eec45b5aacb5680dc065c.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/5ebde5513c8eec45b5aacb5680dc065c.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/5ebde5513c8eec45b5aacb5680dc065c.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/5ebde5513c8eec45b5aacb5680dc065c.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 7-day price chart. Source: Finbold
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 <p class="paragraph">According to technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> from <em>TradingView</em>, indicators point towards a bullish sentiment in other areas. A summary of the one-day metrics indicates a buy signal with a rating of 13, aligning with the score for moving averages. Meanwhile, oscillators indicate a sell signal with a rating of 3.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="241" src="https://cdn.thebittimes.com/images/2023/12/22/3b768d7d2119ffa3e89905f100570498.webp" alt="Bitcoin 24-hour technical analysis. Source: TradingView
" class="wp-image-144786" srcset="https://cdn.thebittimes.com/images/2023/12/22/3b768d7d2119ffa3e89905f100570498.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/3b768d7d2119ffa3e89905f100570498.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/3b768d7d2119ffa3e89905f100570498.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/3b768d7d2119ffa3e89905f100570498.webp 1497w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 24-hour technical analysis. Source: TradingView
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 <p class="paragraph">Whether these positive technical and historical indicators will be an optimistic sign of things to come remains to be seen.</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="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-set-for-first-ever-weekly-golden-cross-start-of-btc-bull-run-tbt74523.html">https://thebittimes.com/bitcoin-set-for-first-ever-weekly-golden-cross-start-of-btc-bull-run-tbt74523.html</a></p>

Bitcoin set for first-ever weekly Golden Cross; Start of BTC bull run?

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