Bitcoin holders have a little reason to celebrate today as the number one crypto asset recovered from its recent lows to settle above the 9,800 USD price level. At the time of writing, Bitcoin’s three-day chart shows a long-term uptrend market signal, which is better known as a golden cross. At the time of writing, Bitcoin is exchanging hands at about 9,847 USD marking a 3 percent increment in the last 24-hours in the midst of growing upsurge momentum.
According to analysis, Bitcoin’s golden cross indicator has made its hallmark for the first time since February 2016. The last time the Golden Cross indicator made a crossover was in August 2016. The 2016 period was a few weeks before the massive bull run that made way to the historic 2017 trading month.
Before the Golden Cross indicator made its crossover move, Bitcoin has been on a negative trend that has seen the coin loss 33 percent of its market value.
On the 3-day chart, Bitcoin, which started as a 50-candle price average crossed over to the 200-candle average revealing an honest-to-goodness golden cross. Despite the good news, it is prudent to say that these indicators do not have accurate predictive powers as they cannot accurately guide a person on predicting the prices of a virtual asset.
Still, the leading virtual currency is ending the month on a negative footing following its 9.3 percent price depreciation of its July 1st opening market price of 10,758 USD.
If Bitcoin fails to pass the 10,758 USD price level today, it will mark the first monthly price depreciation since the beginning of this year.
Crypto analysts are advising seasonal traders and investors to trade cautiously as the recent crossover may be a result of Bitcoin’s December 2018 to June 2019 price rally that saw the cryptocurrency changing levels from lows of 3,122 USD to Bitcoin’s latest highs of 13,880 USD.
However, despite the cautionary advice, traders and investors can find reassurance in the fact that the previous golden cross opened the way to Bitcoin’s 2017 bull run that will forever be part of Bitcoin’s history.
Bitcoin and the entire cryptocurrency industry have a bright future, but one of the major stumbling blocks of the industry is non-believers. Metal Pay CEO, Marshal Hayner is one of such non-believers who are clamoring for more transparency in the crypto industry to create an environment of legitimacy around the virtual currency.
According to media outlets, Marshal Hayner has, on several occasions, raised questions concerning cryptos validity pondering whether Bitcoin is a medium of exchange or a commodity.
Regardless of its nature, the CEO of Metal Pay want more legislations implemented to control Bitcoin and cryptocurrency, in general, moving forward.
Hayner believes Bitcoin and blockchain technology will get a clearer definition once rules and regulations are implemented even as governments start adopting and using it more and more in their transactions. Governments are gradually adopting cryptocurrency and blockchain technology to foster transparency and efficiency in their money transfer operations.
Cryptocurrency Market Update
In its usual trend, the cryptocurrency market is following Bitcoin’s recent performance recovering from its recent lows. However, despite the positive movements, significant resistance levels remain unchanged as the number one cryptocurrency and all other altcoins continue operating within recent ranges.
At the time of writing, the top 20 virtual assets are trading in the green zone, with little known crypto, Tezo, appreciating by a mouth-watering 22 percent of its market price in the recent 24-hours. The price appreciation of the other top-20 crypto assets is less impressive to delve into this article. Their price gain ranges from 1 percent to 5 percent.
At present, the entire crypto market is valued at about 268 billion US dollars, with a total trade volume of 46 billion US dollars. Bitcoin remains the dominant crypto asset in the market as it’s market share accounts for 64.5 percent of the entire market share.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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