Bitcoin (BTC) rose 3.82% in the last 24 hours and reached $ 47,011 during intraday trading. CoinMarketCap. The rise in prices raised the leading cryptocurrency above the 200-day moving average (MA).

Market analyst Lark Davis explained:

“Bitcoin closes daily above the 200-day MA and the Golden Cross was confirmed.”

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The 200-day MA is a key technical indicator used to determine overall market developments. It is a row showing the average closing price over the last 200 days or approximately 40 trading weeks. An increase above this indicator indicates the beginning of an upward trend.

On the other hand, the golden cross occurs when the short-term moving average exceeds the long-term moving average upside down, and is usually interpreted by analysts as an upward turn in the market.

Chain Analyst Will Clemente believes Once the 200-day MA is exceeded, Bitcoin must break the resistance between $ 47,000 and $ 47,150 before it encounters $ 50.5,000.

Does Bitcoin have a breakthrough?

By to market analyst Ali Martinez:

“Four reasons why Bitcoin could break out: 1) A 3.2 thousand long BTC position was created at Bitfinex. 2) Addresses with 10,000 to 100,000 BTC purchased 60,000 BTC. 3) 80K BTC removed from known encryption exchange wallets. 4) Major transactions on the BTC network exceeded $ 451 billion. “

At the same time, 93% of Bitcoin’s supply has not changed for a month, and this is a measure of the increasing supply dynamics. Davis repeated these feelings and said:

“We just got to an all-time low for young Bitcoin (under 3 months) in the HODL wave. This often marks the end of a recession and is often the time when big money accumulates. “

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Nevertheless, veteran dealer Peter Brandt recently warned against the “fear of losing” (FOMO) in the current Bitcoin market, warning that the market was not yet in a bullfight based on congestion.

Image source: Shutterstock

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