Share this article
Bitcoin Sees First Ever Weekly 'Golden Cross,' a Bullish Signal to Some
The 50-week simple moving average (SMA) of bitcoin's price has crossed above the 200-week SMA for the first time on record.
Updated Mar 8, 2024, 8:05 p.m. Published Jan 17, 2024, 7:37 a.m.
Market enthusiasts call it a "golden cross," indicating a positive shift in asset prices, and now this marker has finally appeared on the bitcoin [BTC] weekly price chart.
The 50-week simple moving average (SMA) on bitcoin has crossed over the 200-week SMA for the first time on record, confirming the golden cross. The phrase and its counterpart, "the death cross," in which the short-duration SMA dips below the long-duration SMA, originated in Japan, per some technical analysis textbooks.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Many traders see crossovers as forward-looking indicators, with the golden version signaling a long-term bull market ahead.
The bullish interpretation could be challenged because averages are based on past data and tends to lag prices. In other words, averages represent what happened in the past, and the first golden cross on the weekly chart results from bitcoin rallying over 70% to $42,700 in four months.
Thus, seasoned traders consider crossovers as lagging indicators, often coinciding with trend exhaustion. For instance, the weekly death cross confirmed in early 2023 marked the bottom of the bear market. Bitcoin's daily chart golden and death crossovers have a mixed record of predicting bullish and bearish trends.
Bitcoin's rally has already stalled, with the cryptocurrency trading 10% lower from highs near $49,000 registered after 11 spot exchange-traded funds (ETFs) began trading in the U.S. last Thursday.
Per observers, the bullish momentum has waned due to early ETF flows failing to match the sky-high market expectations.
"The Net flow of funds for the ETFs has been $965M (including seed funds), a strong start thus far. However, the spot price is down from the launch-driven euphoria as investors set unreasonably high launch expectations," Greg Cipolaro, global head of research at NYDIG, said in a newsletter Tuesday.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin Stuck in Post-Fed Range as Altcoins Slump Deepens
Bitcoin remains trapped in a range despite the U.S. rate cut, while altcoins and memecoins struggle to attract risk appetite amid shifting investor behavior.
What to know:
- BTC briefly dipped below $90,000 after Wednesday's 25 basis-point U.S. rate cut before rebounding, but price action lacked a clear fundamental catalyst.
- Tokens such as JUP, KAS and QNT posted double-digit weekly losses, while CoinMarketCap’s altcoin season index fell to a cycle low of 16/100.
- CoinDesk’s Memecoin Index is down 59% year-to-date versus a 7.3% decline in the CD10, highlighting a shift from retail-driven hype to more institutionally led, slower-moving markets.
Top Stories
