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Bitcoin (BTC) has been on a surge since its price fell to the level of $30K, and it is now inching towards the mark of $53K as a golden cross is likely to happen within a day or two. During the Asian trading session of today, Bitcoin prices reached just shy of the $53K mark and were noted as the highest levels since May 11.
Bitcoin (BTC) Price Nears $53K, Golden Cross Occurrence Expected
At the time of writing this article, Bitcoin (BTC) has been trading at the level of $51,560 on some crypto exchanges. A golden cross on the daily timeframe was impending and likely to occur within the next day or two.
As instructed, the golden cross is a longer-term bullish indicator that shows up when a faster-moving average crosses above a slower one (the 50-day and 200-day in the case of Bitcoin).
In accordance with what Glassnode shared officially, it seems like the latest momentum is driven by the institutions and commented:
“As renewed optimism follows positive price action, on-chain transaction volumes are showing continued growth in dominance by large, institutional sized capital.”
BTC HODLers not Interested in Selling
In addition to this, it should be noted that in the weekly on-chain report of the company, it has been stated that the Bitcoin miners have begun to take profits this week amid the hash rate recovery. Back in the month of June, the mining migration induced by China began and since then, over half the hash rate has recovered now. The firm added:
“The increase in hash-rate is likely a combination of previously obsolete hardware finding a second lease on life, and miners in China successfully relocating, re-establishing, or re-homing their hardware and operations.”
Also, the firm analyzed another metric, which is the movement of coins of different ages, and it revealed that old coins are dormant and hodled. It said:
“This indicates that conviction to HODL is extremely high and a lack of liquid supply could squeeze spot market prices higher.”