Bitcoin is potentially forming a golden cross, signaling bullish momentum ahead.

From Investing.com

October 24, 2024 11:00 am:

Bitcoin (BTC) may be on the verge of forming a key technical pattern as its moving averages are set to cross soon. It could indicate a potential golden cross, where the 50-day SMA crosses above the 200-day SMA. BTC was up 0.88% to $66,883, bouncing back from $65,149 amid Fed rate cut expectations.

The outcome of the crossover will determine if it’s a golden or death cross, with current technical setup favoring a bullish golden cross. If confirmed, BTC could break key resistance levels at $70,000 and rally towards $75,000. However, the lagging nature of this signal might lead to a false breakout or temporary pullback before further gains.

Traders are closely monitoring BTC’s price action post-crossover, anticipating potential short-term profit-taking or bearish pressure before a sustained rally. A golden cross could precede a temporary dip before upward momentum kicks in, with broader market conditions playing a key role in Bitcoin’s price movement.

Read more at Investing.com: Bitcoin on Verge of Potential Golden Cross, Likely Scenarios? By U.Today