UPDATED: Bitcoin Tops Resistance at $51K as Golden Cross Nears
  The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 6, 2021 Sponsored by  (Price data as of September 7 @ 14:30 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin Tops Resistance at $51K as Golden Cross Nears Bitcoin looks set to continue to rise after clearing a key resistance level, with charts hinting at a so-called golden crossover, a long-term bullish indicator.
On Sunday, the biggest cryptocurrency printed a UTC close well above $51,109, marking an upside break of the 61.8% Fibonacci retracement of the April-to-June sell-off.
The breakout could bring additional demand because chart traders often use Fibonacci ratios such as 61.8%, 38.2%, and 23.6% to identify support, resistance and trading opportunities.  Bitcoin flips 61.8% Fib resistance into support (Source: TradingView) Last week also saw bitcoin break above other crucial hurdles at $48,644 and $49,105, Stack Funds' Head of Research Lennard Neo said, adding that the move looks sustainable. "The fact that BTC is trading above the 200-day MA gives further confidence that these critical levels are resistances turned support," Neo said, referring to the moving average.
"More interestingly, we have observed five out of six days of continuous bid momentum that outshine the offers. This further support the upside thesis for the digital asset, at least in the near term," he said.
Bitcoin consolidated above the 200-day MA in the past two weeks, building a base for Sunday's move above $50,000.
While the 200-day MA is steady near $46,100 at press time, the 50-day MA is trending north and looks set to cross above the former in the next few days. That would confirm a golden crossover, which occurs when the short-term average moves above the long-term measure.  Bitcoin's 'golden cross' (Source: TradingView) Trend-following traders consider the golden cross as a buy signal and may hit the market with fresh bids. The previous instance of the golden cross, in May 2020, was followed by an 11-month climb that saw prices rise from $9,000 to over $60,000. It's not, however, a perfect indicator, having trapped traders on the wrong side of the market in February 2020 and July 2014.
Still, the latest golden cross is backed by bullish on-chain data showing renewed accumulation by large investors and a declining bitcoin balance on exchanges. Bitcoin is currently trading largely unchanged on the day near $51,800.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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