First golden cross + BTC/USD alternating range highs signal new yearly high

We look at the weekly chart in this BTC/USD technical analysis and how the golden cross is shaping. In addition, we will dip our feet into yet another bullish signal happening across Bitcoin’s alternating range highs. 

February 2023 saw Bitcoin’s very first death cross on the weekly BTC/USD chart. This sparked a lot of reaction since the cross had never again appeared in any preceding bearish market. The death cross is the bearish opposite of the bullish golden cross. And the BTC/USD market is approaching one. 

BTC/USD Golden cross

The Golden Cross results from the interaction between the 200-period and 50-period moving averages. Below is a visual representation of the February 2023 death cross, which took place after Bitcoin dropped by 77% from the 2021 ATH. 

The chart below also indicates the coin’s potential to mark a weekly golden cross as we will see on four crucial moments along the 50 W moving average (2012, 2015 and 2019). As you notice, a bounce takes place at the 50 MA whenever the bear market reaches a macro bottom. 

Let’s assume this pattern continues in 2023, November’s crash to $15,600 marks Bitcoin’s macro bottom and hence the end of long-term price plummets. The cryptocurrency market may be approaching the start of a bull run. 

Alternating range highs

Alternating range highs show BTC/USD historic bull pattern is repetitive. 

The following chart indicates the repetitive nature of the Bitcoin price action to explode from extreme bottoms, and pausing at the range highs. When this happens, accumulation begins and the price continues to a yearly high after a while. This pattern has occurred several times across BTC/USD pair history as shown on the chart below: