The past weekend was pretty bullish for the entire space as the Bitcoin cijena 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 rast cijena appears extremely bearish, primed to shed more than 90% of its gains.
Source: https://coinpedia.org/bitcoin/bitcoin-under-dire-straits-will-bulls-triumph-or-the-bears-win-in-the-game-of-chess/