Bitcoin (CRYPTO: $BTC) has formed a bullish golden cross chart pattern with its price above $72,000 U.S. on Aug. 20.
A golden cross is a technical pattern that is widely viewed as a bullish long-term momentum signal for an asset such as Bitcoin.
The golden cross pattern has formed as Bitcoin’s 50-day simple moving average, currently at $63,976 US., crosses above its 200-day simple moving average of $69,005 U.S.
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In afternoon trading, BTC was changing hands at $72,600 U.S., its highest level in months.
The 200-day simple moving average tracks Bitcoin’s average closing price over the previous 200 days and is widely viewed as the market’s long-term trend.
The formation of a golden cross could portend the start of a prolonged uptrend in Bitcoin’s price.
Previous golden crosses occurred for BTC in February 2023, October 2023, October 2024, and April 2025, all of which preceded further rallies in Bitcoin’s price.
After trading below $65,000 U.S. over the past six weeks, Bitcoin has risen more than 10% in the last 24 hours after U.S. President Donald Trump called for Congress to pass the Clarity Act.
While many analysts and investors are cheering the break above $70,000 U.S. for Bitcoin, some analysts are urging caution, saying the current rise in BTC could be a short-term relief rally.