Bitcoin approaches the formation of the "Golden Cross", long-term bullish signal re-emerges.

Bitcoin (BTC) may be approaching a "golden cross" formation, a technical analysis pattern generally regarded as a long-term bullish momentum signal. The pattern will be officially confirmed if Bitcoin continues its upward trend by breaking above the 50-day simple moving average (SMA), and also surpassing the current 200-day SMA of $69,005. This potential cross emerges as Bitcoin’s price has climbed to $71,000, having rallied over 12% in the past week, and currently trades slightly above its 200-day SMA. The 200-day SMA, which reflects Bitcoin’s average closing price over the past 200 trading days, is widely used to gauge long-term market trends. If Bitcoin remains above this moving average, it typically signals a potential shift from a bear market to a bull market; conversely, a break below the 200-day SMA would send the opposite signal.