Today’s news includes rosier reports of Bitcoin price action based on a “golden cross” situation, which is described as the confluence of differently timed moving averages.
“According to Investopedia, a Golden Cross ‘occurs when a short-term moving average crosses over a major long-term moving average to the upside.’” writes Tony Spilotro for NewsBTC. “It is ‘interpreted by analysts and traders as signaling a definitive upward turn in a market,’ …. Specifically, this Golden Cross refers to the 50-day moving average crossing above the 200-day moving average.”
This, Spilotro contends, is leading some investors to jettison a traditional ‘digital gold’ safe haven strategy and pursue Bitcoin based on the technicals.
“Forget the digital gold narrative,” Spilotro adds. “All across crypto Twitter, online forums, and anywhere else cryptocurrency community chatter exists, the discussion is centered around the Golden Cross that’s forming on the BTCUSD trading pair.”
In the meantime, there’s something else for Bitcoin fans to be happy about, something potentially in the works that all investors, in our view, should be aware of.
Sebastian Sinclair reports at Coindesk that Fidelity, a major equity and asset brokerage, has been in talks with the SEC to allow for a Fidelity ETF called the Wise Origin Bitcoin Trust (a clever bit of branding) that the company introduced in March as a way to allow investors to get into a Bitcoin exchange traded fund.
The SEC has nixed no less than 10 of these efforts over the last few years, sometimes after dragging their heels for an absurd number of months.
Now, Sinclair says that in the second round of talks, Fidelity has been “prodding” for its own product to get a green light.
One major source of hope for investors is Fidelity’s established position as a front runner in conventional asset management.
Meanwhile, Canada has already set precedent by allowing Purpose to operate a Bitcoin ETF there.
Today, Bitcoin value stands just under $50,000. For those who weren’t following along, the prior peak hit $60,000 before the coin cut its price in half sinking back down to around $30,000 per coin.
Many believe, either based on the technicals or other indicators, that Bitcoin is poised for a bigger comeback. Keep an eye out!
