Bitcoin (Bitcoin) After a brief consolidation on Tuesday, it returned to $46,000, as the strength of BTC’s price recovery continues to be surprising.
3 days to Bitcoin golden cross
Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD hovered around 46,000 US dollars on Tuesday.
The currency pair went slightly lower during the night, tested and recovered from the $45,000 support level.
In the absence of a greater correction after a few consecutive days of sharp increases, analysts pay close attention to the upcoming “golden cross” event on the daily moving average and weekly moving average convergence/divergence (MACD) BTC/USD chart .
Traditionally thought to be Bullish event, The golden cross involves a rising 50-day moving average above the 200-day moving average.
“The new BTC Golden Cross only has 3 days left,” trader and analyst Rekt Capital comfirmed.
Turning to the four-hour chart, Rekt Capital added that Bitcoin has “confirmed” a breakthrough in the long-term range.
#BTC Confirm the breakthrough at the 4-hour closing price above the ascending triangle
Not only that but Bitcoin Also successfully retested the top of its breakthrough structure#encryption #Bitcoin https://t.co/VOggAPbiIO pic.twitter.com/PPRBcHmX6p
— Rekt Capital (@rektcapital) August 10, 2021
However, $47,000 is still a key level that needs to be broken, and sellers line up before the important psychological area of $50,000.
Crucial moments for the infrastructure bill
As Cointelegraph Report, The next few days may not be smooth sailing. A vote on the U.S. infrastructure bill is planned on Tuesday, which may become law due to inflammatory language related to the cryptocurrency taxation process.
related: “We will be back”-Alabama Senator broke the cryptocurrency amendment with two words
However, the weekend’s worries about the final form of the bill did not affect market sentiment, as Bitcoin continued to rise, regaining the ground it initially lost in the May price collapse.
“The public’s response to the infrastructure bill is like they are demonstrating the importance of Bitcoin to the government,” said Dennis Scott, CEO of CoinCorner, a British exchange. debate Sunday.
“The public cares about it and is willing to fight it. If this is a bank-related regulation, they won’t care. Bitcoin is changing the world. Regardless of the outcome, this is the key.”
Overall, Bitcoin was up 4.85% on the day, and at the time of writing it was up 19.1% per week.