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Bitcoin, the first and largest cryptocurrency by market capitalization, has just formed a golden cross. The last one was seen in early February.
A golden cross is a chart pattern in which a short-term moving average, usually the daily MA 50, crosses a longer-term moving average, usually the MA 200, indicating an ascending bullish trend.
A golden cross suggests that short-term price momentum is outweighing long-term price momentum, which could spark a bull run. Bitcoin rose 30% in two weeks, reaching levels above $35,000 for the first time since May 2022.
Expectations that the U.S. Securities and Exchange Commission will allow exchange-traded funds to invest directly in Bitcoin drove the largest cryptocurrency by market value to a high of $35,157 on Oct. 27, its all-time high. in approximately 18 months.
Despite profit-taking from the previous week, Bitcoin enjoyed a rally over the weekend and may mark its third day in the green. BTC is up 0.59% in the last 24 hours to $34,640 at the time of writing.
According In the blockThe relationship between Bitcoin’s market value and realized value (MVRV) reveals that despite hitting yearly highs, Bitcoin is not yet as overheated as it was during previous bull markets.
Historically, Bitcoin bull markets have peaked at 300%+ MVRV, which compared to the current figure indicates that the bull market has room to run even further.
According to a recent CryptoQuantum According to the analysis, Bitcoin is seeing increased interest among indirect investors.
This is because the Fund Holding index recently hit its highest level in two months. This index, which measures the total amount of coins held by digital asset holding entities such as trusts, rose sharply in response to news of the likely approval of the Bitcoin ETF in the United States.
