‘So far so good’ as BTC cools
As the market digested comments from Gary Gensler, the new Chair of United States regulator, the Securities and Exchange Commission (SEC), BTC price action continued to retrace progress from the previous week.
At the time of writing, BTC/USD circled $37,650 after a modest reactionary bounce higher.
From death to gold within weeks
Fellow trader Rekt Capital also remained optimistic, forecasting an increasingly-anticipated “golden cross” event on BTC/USD as soon as the end of the month.
A golden cross, the counterpart to the “death cross,” involved the rising 50-day moving average price crossing above the 200-day moving average. The latest price increase, while partially reversed, has nonetheless managed to push such a scenario forward after the death cross in June.
“If $BTC continues to hold these highs or rally higher then a best case scenario Golden Cross could occur in late August.”
Meanwhile, in terms of market sentiment, interest in higher price levels was firm throughout the week despite the retracement. Strong on-chain data combined with conspicuous, albeit unknown, buying activity to buoy bulls further.