A golden cross completes on the daily chart but Bitcoin still has to contend with a "death cross" on weekly timeframes. Bitcoin lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first time in 18 months.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tracking sideways overnight, having shunned volatility at the week’s first Wall Street open. While failing to flip $23,000 to support, the pair nonetheless saw a potentially significant event on Feb. 6 in the form of a “golden cross” on the daily chart. This refers to the rising 50-period moving average crossing over the 200-period moving average. The last time that this occurred on daily timeframes was in September 2021 — two months before Bitcoin’s latest all-time high. The cross has been keenly watched by some crypto analysts, with Venturefounder, a contributor to on-chain data platform CryptoQuant, arguing that $25,000 could reappear as a result.
“Bitcoin goldencross just happened!” he summarized in a Twitter reaction. “This potential correction could see BTC retest $20k (200DMA and key support), then in the bullish case, test $25k next. Make $25k support and it's nail in the coffin for the bears.”
The picture remained complicated on the day thanks to an upcoming “countercross” on weekly timeframes, where the 50-period moving average remained on course to drop below the 200-period one — a phenomenon known as a “death cross” for its conversely detrimental impact on BTC price action. For on-chain monitoring resource Material Indicators, it remained uncertain as to whether the golden cross alone could propel BTC/USD higher.
“Whether it's enough to get a legit test of the $25k range remains to be seen,” it wrote in part of commentary on the Binance order book.
An accompanying chart showed major resistance in the form of ask liquidity stacked at $23,500 — the first major hurdle for bulls to overcome in the event of a move higher.
Another factor on the radar for Feb. 7 meanwhile came in the form of comments from the United States Federal Reserve. Ahead of next week's macroeconomic data prints, multiple Fed officials were set to speak, with Chair Jerome Powell's words expected to be the most significant in terms of market-moving potential.
"Nothing special this week, the only key factor to watch is Powell tomorrow afternoon. Perhaps one more sweep for correction and then the party should continue rallying upwards," part of Twitter analysis by Cointelegraph contributor Michaël van de Poppe stated on Feb. 6.
Van de Poppe added that "buy the dip" might be an appropriate option on altcoins in the meantime, as Material Indicators noted was already the case with Bitcoin whales.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||83.2%||32||$44 191.65||2.28%||14.09%||$864 601 373 120|
|2||ETH||Ethereum predictions||77.2%||36||$2 384.27||1.22%||13.64%||$286 631 337 595|
|3||USDT||Tether predictions||96%||1||$1.000286||0.02%||-0.01%||$90 361 522 312|
|4||XRP||XRP predictions||81.6%||28||$0.691977||7.73%||12.59%||$37 337 342 228|
|5||BNB||Binance Coin predictions||85.2%||18||$244.21||4.75%||6.78%||$37 045 963 060|
|6||SOL||Solana predictions||80.8%||38||$77.33||7.81%||24.47%||$32 939 078 279|
|7||USDC||USD Coin predictions||90.8%||1||$0.999988||-0.01%||0.01%||$24 499 538 291|
|8||ADA||Cardano predictions||81.2%||37||$0.621468||30.58%||60.61%||$21 949 609 212|
|9||DOGE||Dogecoin predictions||74.4%||53||$0.104135||6.51%||24.05%||$14 803 690 586|
|10||AVAX||Avalanche predictions||75.6%||50||$32.83||21.42%||48.15%||$12 006 820 565|
|11||STETH||Lido stETH predictions||96%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||TRX||TRON predictions||94%||7||$0.108469||2.71%||4.89%||$9 596 597 053|
|13||LINK||Chainlink predictions||77.6%||38||$17.23||7.97%||9.25%||$9 592 622 058|
|14||WTRX||Wrapped TRON predictions||90.4%||7||$0.107924||2.30%||4.39%||$9 548 377 600|
|15||DOT||Polkadot predictions||78%||38||$7.54||20.76%||36.96%||$9 456 502 227|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.