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Bitcoin ‘golden cross’ due in days as bears draw a line at $47K BTC price

Bitcoin (BTC) returned to $46,000 after a brief consolidation on Aug. 10 amid continued surprise at the strength of the BTC price comeback.

3 days to Bitcoin golden cross

Data from TradingView showed BTC/USD hovering around the $46,000 mark Tuesday.

The pair had spent the night ranging slightly lower, at one point testing and recovering from $45,000 support.

In the absence of a larger pullback after days of significant gains, analysts were keen eyeing the approaching “golden cross” event on the daily moving average and weekly moving average convergence/ divergence (MACD) BTC/USD charts.

Traditionally considered to be a bullish event, a golden cross involves the rising 50-day moving average crossing above the 200-day moving average.

“The new BTC Golden Cross is only 3 days away,” trader and analyst Rekt Capital confirmed.

Turning to the 4-hour chart, Rekt Capital added that Bitcoin had “confirmed” a breakout over a longer-term range.

$47,000 still remained a crucial level to break, with sellers lined up prior to the psychologically significant $50,000 zone.

Crunch time for infrastructure bill

As reported, it may not be all plain sailing in the coming days — Tuesday was scheduled to see voting for the United States’ infrastructure bill which could go into law with inflammatory language regarding cryptocurrency tax procedures.

Concerns over the bill’s final form had not swayed sentiment over the weekend however, as Bitcoin continued to gain, recovering ground originally lost in the May price crash.

“The public reacting to the infrastructure bill the way they have shows the Government how important Bitcoin is,” Danny Scott, CEO of United Kingdom exchange CoinCorner, argued Sunday.

“The public care for it and are willing to fight. They wouldn't care if it was a bank related rule. Bitcoin is changing the world. Regardless of result it's pivotal.”
Overall, Bitcoin was up 4.85% on the da

Ether price hits 2-week high as London hard fork momentum builds

’s (ETH) $230 million options expiry on Friday appears to have shifted market sentiment in favor of the bulls, at least momentarily, as investors remain cautiously optimistic about the upcoming London hard fork and the prospect that Bitcoin (BTC) has established a firm bottom.

ETH price update

ETH rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks, according to Cointelegraph Markets Pro. Weekend trade volumes remained characteristically low at just over $18 billion.

At current values, Ether has a total market capitalization of $274.8 billion.

The DeFi market, which is largely built on top of Ethereum, saw cumulative gains of 9% on Sunday. The total market value of DeFi coins is $67.3 billion, according to Coingecko data.

Meanwhile, Bitcoin’s price crossed $35,600, having gained 2.6%.

The battle between the bulls and the bears was on display in the options market last month, with both camps expecting extreme price fluctuations for Ether leading into the options expiry on Friday. As Cointelegraph reported, the $2,200 price level is where the bulls start to increase their lead, as evidenced by the ratio of call options to put options.

London hard fork looms

Ethereum’s London hard fork, which contains the highly anticipated EIP 1559, launched on the Ropsten testnet on June 24, setting the stage for full mainnet implementation later in July.

The hard fork is anticipated to have a positive impact on Ether’s value thanks to several proposal upgrades, including the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of tokens in circulation.

Analysts expect investors to increase their exposure to ETH leading into the hard fork. On-chain data suggests this is already happening as Ethereum registered over 750,000 active addresses last week, exceeding Bitcoin by a considerable margin.

Analytics firm Santiment, whic