RATE Group | Bitcoin Falls Below Moving Averages that Made Super-Bullish Golden Cross
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Bitcoin Falls Below Moving Averages that Made Super-Bullish Golden Cross

29 Feb Bitcoin Falls Below Moving Averages that Made Super-Bullish Golden Cross

Posted at 09:46h in Cryptocurrency News by

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Bitcoin recently made a “Golden Cross” where the 50-day moving average closed above the 200-day moving average, a positive development for traders who see it as a very bullish indicator. However, the benchmark cryptocurrency fell sharply right after forming the bullish crossover.

The bitcoin-to-dollar exchange rate slipped below both the 50- and 200-DMA earlier this week, going against the perceived upside sentiment that was led by the Golden Cross formation. The pair on Friday established a weekly low at $8,428.80. At its week-to-date high, it was trading at $10,030 on US crypto exchange Coinbase.

dji, dow jones, bitcoin, cryptocurrency

BTC/USD slips below its bullish Golden Cross | Source: TradingView.com, Coinbase

Bitcoin fell into a sell trap shortly after investors started losing faith in global stocks and commodities. Sitting atop attractive profits, the cryptocurrency became an attractive asset among people who were looking to generate cash. They sold anything for bid and ran under the safety of whatever they…

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