From the U.S. retail sales report which bumbled by a record 16.4% from March to April, a growing number of investors are exploring the way to preserve the value of U.S. dollar, with the fear that Fed’s current policy of printing record-high amounts of fiat cash.
Bitcoin, once again, has become a safe haven asset to hedge the devaluation of fiat currencies. Since the 3rd halving took place on May 11, Bitcoin has seen steady gains in price. It has also outperformed most other cryptocurrencies so far this year and will be the best bets in 2020.
According to data from market analytics company, Skew, open interest on CME Bitcoin futures has skyrocketed over the past few days, to hit $142 million in May 15. It indicates that bitcoin’s recent volatility between $9,600 – $9,800 creates more opportunity to get profits.
Bexplus Analyst – Trade The Golden Cross in BTC Price
According to the analysis from Justin Kwok, an analysis director from Bexplus exchange – on the daily chart, BTC/USDT is retesting the support at $9,300 after the sudden drop as price reached above $9,900. The so-called “golden cross” typically signals a market upward movement and will be positive for the Bitcoin bulls.
Tips: When a short-term MA moves above a long-term MA, a bullish cross is confirmed. That is considered a buy signal by trend followers.
The 50-day moving average (MA) of bitcoin’s price seems to start crossing above the 200-day MA by the end of this week. The resulting “golden crossover,” a long-term bull market indicator, would be the first since Feb. 18 this year and only the 17th in bitcoin’s all-time trend.
Look back to the Bitcoin bullish run in 2019, after the “golden cross” occurred in Apr. 26, BTC price continues 2-month strong upward movement, hitting the second highest of $14,211 since the 2017. More than 130% returns over just a 64-day period.
Along with the bullish fundamental of bitcoin mining rewards were cut from 12.5 to 6.25 BTC – the supply cut to put bitcoin into a long-term bull market, so this time the golden cross will turn out to be a real bullishness instead of a bull trap.
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