All impressive rally displayed by Bitcoin in the last few days seems to have been neutralized after the leading crypto and the entire market stemmed for the forces of the bear, bringing Bitcoin to as low as $8,600, a value last attained one month ago.
However, a cushion effect seems to be around the corner as Bitcoin tries to resume on the recovery channel today.
This is coming a few days after Bitcoin printed a golden cross. Although the golden cross was afterward followed by a dip, but a crypto trader has indicated that it could happen in a normal scenario bull cycle.
As well, data indicates that crypto trading activities have returned to normal after a deepening weekend.
On Tuesday, Bitcoin made an impressive bullish display with its fractal. The 50-day simple moving average and the 200-day MA lines of the cryptocurrency flashed a bullish signal capable of taking BTC to the ceiling.
The 200 MA went above the 50 MA, indicating that the last golden cross signal may be on its way to take effect.
In the crypto market, golden cross is seen as an important signal for a long-term bull run. Earlier, trader CryptoBull illustrated that the last time a golden cross happened in April 2019, Bitcoin spiked by 200%, pushing the cryptocurrency to $14,000 in about two months.
The trader furthered that early on in October 2015, Bitcoin price increased by 6,000% from $300 to $20,000.
Ladies and gentlemen.. let me present the golden cross!
The last time this happened was April 24th 2019 at $5,400.
Before that was October 28th 2015 at $300. pic.twitter.com/BcBbry8FwO
— Crypto₿ull (@CryptoBull) February 18, 2020
Thus, if history repeats itself Bitcoin would at least rise by 200%, pushing the price of BTC to around $17,000.
Crypto Trading Activities Returns Normal After Recent Dip
Crypto analytic platform Skew has illustrated that crypto trading activity has risen back to its normal state after a significant fall around the weekend.
After attaining high values of over $300 million and about $280 million on February 13 and 19 respectively, the crypto trading graph, as captioned by Skew on Twitter, fell to $60 million.
Afterward, the graph went up gradually, and yesterday, crypto trading activities had risen significantly, presenting a value above $220 million.
Crypto trading activity has resumed to normal after a meaningful dip this weekend pic.twitter.com/XRlDOZS7vk
— skew (@skewdotcom) February 26, 2020