Bitcoin ‘Golden Cross’ Due in Days Despite Infrastructure Bill Success
Regardless of the successful passing of the US infrastructure bill on Tuesday, recent market movements suggest a Bitcoin (BTC) golden cross moment is very imminent.
After stabilising briefly on Tuesday, Bitcoin (BTC) rose above $46,000 amid continued optimism around its price recovery. Crypto has hit the top echelons of government in Washington, D.C., becoming a subject of debate by concerned legislators.
The $3.5 trillion spending bill remains in limbo, following the passing of the infrastructure bill, and awaits further approval from the House.
While the recent infrastructure bill is seen as non-threatening to the crypto industry by a few devotees, there are concerns that the legislation would threaten the privacy of cryptocurrencies and hence its decentralization.
3 days To the Bitcoin Golden Cross
Experts are keeping a careful eye on the approaching "golden cross" on the daily moving average and weekly moving average convergence/divergence (MACD) BTC/USD charts in the absence of a larger pullback after days of advances.
Rekt Capital, a popular cryptocurrency trader and analyst, predicted that the new BTC Golden Cross will happen in three days.
The golden cross is a bullish signal that generally occurs when the short-term 50 day average crosses with the long-term 200 days average.
Predicted Bitcoin Golden Cross. Image source: Rekt Twitter
According to Rekt Capital, a breakout above a longer-term range has been confirmed on the four-hour chart, which is only a few ticks away from the psychologically significant $50,000 level sellers are lining up.
Decision of the Senate
The Senate passed a bipartisan $1 trillion infrastructure package on Tuesday, with a vote of 69-30. Over the last decade, this has been the largest government investment in the ageing public works infrastructure in the United States of America.
It's up to Congress to adopt the measure, which would have a major effect on almost every area of the American economy and would enhance the nation's response to global warming.
