The whole crypto space is cheering for Bitcoin (BTC) which seems to be on a race towards $6,000.
The most important crypto in the space managed to break above $5,600. This comes right after the bull run which took place not too long ago and triggered a massive hype in the crypto space.
This year is expected to be the year of crypto mass adoption, and it also seems that the prices are surging.
Bitcoin rose above $5,600
Bitcoin’s price went above $5,600, and this is huge because it happened for the first time in over five months.
Crypto analysts have reportedly confirmed a golden cross in the trading activity which has shown a resurgence of the bull market.
Bloomberg reported that this is BTC’s first golden cross in over three years. Without a doubt, this is also a sign that we’re out of the crypto winter.
A lot of experts in the crypto space have been saying that Bitcoin has already hit bottom and we are out of the crypto winter, and now, more confirmations highlight the idea.
The golden cross
Anyway, a golden cross is a technical indicator that identifies when an asset’s short-term 50-day moving average rises above the long-term moving average. Usually, this indicator gets reinforced by a higher trading volume.
The Daily Hodl has just reported that Messari’s Real 10 Volumes, which aggregates 24-hour trading volume from a select group of crypto exchanges, shows that BTC volume has jumped from $671 million to over $763 million.
Bitcoin’s price rose to $5,500 in under 10 minutes, yesterday on April 23.
The last time golden cross occurred on Bitcoin when it was $250.
Even though it generally signifies a bullish signal for the long term, the short term could see 20-30% retracement
Remember the Death cross at 6k bottom early last year and then bitcoin doubled the next month?
— Anondran (@anondran) April 20, 2019
This golden cross is the very first one since back in October 2015 when BTC started the bull from about $300 to almost $20k in 2017.
It was also recently reported that the next bull run might be stronger than the one in 2017.
UToday said that this comeback might be slower and the return of the bullish market may be a more measured one as the crypto market managed to mature a lot since 2017.