In recent months, analysts have wondered if Bitcoin (BTC) was really in the bull market. Just two weeks ago, the main cryptocurrency currency was down nearly 50% from the current high of $ 14,000, suggesting that bitcoin is back in the bear market phase.
But an important technical indicator has shown that the cryptography market remains at a bullish stage. The fact is that another drop in the BTC price of up to $ 8,000 could exacerbate volatility for the first time since March 2018, just over $ 20,000 at the last rate.
Related reading: Ethereum is priced to maintain higher bandwidth than Bitcoin in slowdown: Analysis
Bitcoin is still in the bull market in the long run, the indicator suggests
If you have not followed cryptocurrency trading at all, you have probably already seen the terms “cross of gold” and “cross of death / bear” mentioned on Twitter and TradingView. In some references, the technical analysis refers to crosses between gold and death when the mean moving average (MA) overlaps to indicate a trend; Gold crosses have short MAs, long-lasting AD’s, and otherwise dead crosses.
According to a recent analysis, the Byzantine general, a popular Twitter trader, has just avoided an exponential moving average at 50 days and an exponential moving average at 200 days. This implies that bitcoin remains in the long run, as these two moving average crosses of gold and death have long been an indication of macroeconomic trends.