Bitcoin Under Dire Straits-Will Bulls Triumph or the Bears Win in the Game of Chess?
The past weekend was pretty bullish for the entire space as the Bitcoin price broke out of the consolidation and formed a new ATH above $24,000. Woefully, the trend has flipped notably as the bears appear to have gained dominance and attempting the cap the upper resistance at $23,500. Hence the BTC price is stuck between $23,400 to $23,500 for a couple of days which is expected to break in the coming week.
Bitcoin (BTC) Golden Cross in Short-Term
Bitcoin price after a notable jump since the beginning of 2023, uplifted the 50-day MA levels. These levels may soon cross over the crucial 200-day MA levels which indicates the ‘Golden-Cross’ event to occur during the weekend.
The bullish crossover is expected to uplift the price back above $24,000 initially and may even assist a rally beyond $25,000 if the bears remain passive.
Bitcoin (BTC) Death Cross in Long-Term
In the longer-time frame, massive bearish signals have been flashing for the Bitcoin price as the rally is prone to strike a ‘Death Cross’. Moreover, the price is expected to undergo the very first weekly-death cross since its inception. Hence, it is assumed to have a larger impact on the BTC price which may even drop back to the previous support or even lower if the bearish action intensifies.
Considering the present trade set-up, the Bitcoin price may rebound from the current levels and regain levels above $24,400. However, in the longer time frame, the BTC price rally appears extremely bearish, primed to shed more than 90% of its gains.