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An important technical event has just occurred in the Bitcoin BTC/USD market &mdash;&nbsp;for the first time in more than a year.

What Happened: Bitcoin&#39;s 50-Day Simple Moving Average (SMA), now at $19,825, has moved north of its 200-Day SMA, at $19,723. This event, known as a &quot;golden cross&quot;, is seen by analysts as a sign of a shift in the market&#39;s sentiment and momentum, and is the seventh time this has occurred in the last 10 years.

According to FS&nbsp;Insights, Golden Crosses have historically been a bullish signal and preceded moves to the upside.

<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> had its &quot;Golden Cross&quot; of the 50-day SMA crossing the 200-day SMA as seen in the chart below.

 
Golden Crosses have historically been a <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw">#bullish</a> signal and preceded moves to the upside. <a href="https://t.co/uLlMi1jYr8">pic.twitter.com/uLlMi1jYr8</a>
&mdash; FS Insight (@fs_insight) <a href="https://twitter.com/fs_insight/status/1623075243681017856?ref_src=twsrc%5Etfw">February 7, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

See More:<a href="https://in.benzinga.com/content/30481549/top-indian-apps-that-give-bitcoin-nft-rewards" style="text-decoration-line:none"> Top Indian Apps That Give Bitcoin, NFT Rewards&nbsp;</a>

Crypto influencer and analyst Lark Davis on Tuesday said&nbsp; that Bitcoin had a golden cross following a major downtrend in 2019 &mdash;&nbsp;and after that 160% gains followed.

<blockquote class="twitter-tweet">
The last time that <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> had a golden cross following a major downtrend was in 2019. 
 
160% gains followed. <a href="https://t.co/jaS0HpjaDM">pic.twitter.com/jaS0HpjaDM</a>
&mdash; Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1623148183957430272?ref_src=twsrc%5Etfw">February 8, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Analyst Guillame said that while the Golden Cross is commonly seen as a bullish indicator, Bitcoin history reveals that 100% of the time, following a Golden Cross, there has been a 10-75% decline in the days afterward. &ldquo;Buying immediately after a Golden Cross resulted in losses in the very short term.&rdquo;&nbsp;

<blockquote class="twitter-tweet">
Starting tomorrow, many TA larps will glorify <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&#39;s Golden Cross on the Daily Chart, where the 50 DMA crosses above the 200 DMA, as something Bullish. 
 
In the ENTIRE Bitcoin history, 100% of the time, a Golden Cross resulted in a 10% to 75% decline in the following days. <a href="https://t.co/PkqOlDb7kf">pic.twitter.com/PkqOlDb7kf</a>
&mdash; Guillaume &#x7C; Collider Quant (@BarefootQuant) <a href="https://twitter.com/BarefootQuant/status/1622577588748095489?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Price Action: BTC was trading at $22,227, up 1.70% in the last 24 hours, <a href="https://pro.benzinga.com/" style="text-decoration-line:none">according to Benzinga Pro data.</a>

Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30790893/bitcoin-ethereum-dogecoin-soar-on-hopes-of-fed-dovishness-analyst-says-30k-is-still-a-magn" style="text-decoration-line:none">Bitcoin, Ethereum, Dogecoin Soar On Hopes Of Fed Dovishness: Analyst Says $30K Is &#39;Still A Magnet&#39; For Apex Crypto</a>

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An important technical event has just occurred in the Bitcoin (CRYPTO: BTC) market &mdash;&nbsp;for the first time in more than a year.

Bitcoin’s ‘Golden Cross’ Confirmed — Will This Send Apex Crypto Rallying? 

Mehab Qureshi

An important technical event has just occurred in the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) market &mdash;&nbsp;for the first time in more than a year.

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