RATE Group | Bitcoin price slips despite golden crossover
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Bitcoin price slips despite golden crossover

23 May Bitcoin price slips despite golden crossover

Posted at 01:38h in Bitcoin News by

  • Bitcoin returns to the low $9,000s after failing to clear resistance around $10,000
  • Golden crossover, which is considered to be a bullish technical indicator, occurred two days ago
  • If buyers fail to keep the price action above $9,000, we may see a quick trip towards $8,200

Bitcoin has fallen for the second day in a row after the price failed to move past the $10,000 resistance again. The buyers expect to receive a boost from the golden crossover, which took place yesterday, in pushing the price action higher in the coming weeks. 

Fundamental analysis: Golden crossover takes place

Just a few days after the halving event, the crypto community found another reason to expect a rally in Bitcoin prices – the golden crossover. This widely-tracked technical indicator takes place when the 50-DMA moves above the 200-DMA. The opposite of the golden crossover is the “death crossover”, which takes place when the 50-DMA falls below the 200-DMA. 

As a moving average that is based…

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