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HomeNews$ 47,000 an important drag

$ 47,000 an important drag

Bitcoin (BTC) made it back to over $ 46,000 on Tuesday after a brief consolidation. Traders, meanwhile, continue to be surprised at how strong Bitcoin is coming back.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Three days until the golden cross at Bitcoin

Based on data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair hovered around $ 46,000 on Tuesday.

The pair was a little lower overnight and even briefly retested the $ 45,000 support.

BTC / USD chart with a possible golden cross. Source: Rekt Capital / Twitter

There has been no major decline so far, although the price has risen significantly. Analysts are already excited about the so-called “golden cross” of the convergence / divergence of the daily moving average and weekly moving average. This indicator is also called MACD for short.

BTC / USD 1-week chart (Bitstamp) with MACD. Source: TradingView

Traditionally, a gold cross is considered a bullish event. The 50-day average rises above the 200-day average.

“The new golden cross for Bitcoin is coming in three days,” said the trader and analyst Rekt Capital confirmed.

Looking at the 4-hour chart, Rekt Capital added that Bitcoin had “confirmed” that it had broken out of a long-term range.

However, the $ 47,000 level remains an important drag that needs to be overcome. A particularly large number of salespeople have gathered there just before the psychologically important hurdle of 50,000 US dollars is reached.

BTC / USD long and short positions on Binance as of August 10th. Source: Material Indicators / Twitter

Information structure law is made fixed

As Cointelegraph reported, it could get restless in the next few days. The Infrastructure Act will be voted on in the United States on Tuesday. In the current version, the taxation of cryptocurrencies is handled very strictly.

In this context: “We’ll Come Back to It”: Alabama Senator Criticizes Crypto Change

Concerns about the final wording of the law did not dampen sentiment over the weekend. Bitcoin has continued to rise, bouncing back from the May slumps.

“The public reacted to the infrastructure set and showed the government how important Bitcoin is,” so Danny Scott, the CEO of the UK exchange CoinCorner on Sunday.

“This is important to the public and they are ready to fight for it. They would not care if this law applied to banks. Bitcoin changes the world. Whatever the outcome, it is and will remain important.”

Overall, Bitcoin is up 4.85 percent over the day. Viewed over the week, it was able to record an increase of 19.1 percent.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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