Over the past few weeks, Bitcoin (BTC) has once again taken center stage amid a series of influential events. The aftermath of the crypto bear market that emerged in the fourth quarter of 2023 has given way to a resurgence of Bitcoin bulls, fueled by a series of dramatic events.
However, the situation changed when the US Securities and Exchange Commission gave the green light to trading in several spot Bitcoin ETFs. This approval triggered a rapid decline from previous excitement as short-term holders and miners rushed to capitalize on the gains. As a result, the Bitcoin price outlook leans towards a bearish sentiment, with analysts predicting an inevitable reversal.
Well, what's next?
Bitcoin bulls at a crossroads
As the spot hype surrounding Bitcoin ETFs begins to fade from crypto traders' attention, Bitcoin bulls are critically looking for something to hold on to in the near future. Additionally, the upcoming halving is still about three months away.
The Golden Cross is here!
A glimmer of optimism emerges as Bitcoin bulls tackle a significant development – the appearance of a weekly golden cross between the 50 and 200 moving averages (MA). This historic event, coinciding with the spot ETF hype, marks a pivotal moment in Bitcoin's history. Notably, the dreaded weekly death cross has been traumatizing Bitcoin bulls since early last year, but has since been debunked.
Also Read: Bitcoin ETF Buzz Sparks Golden Opportunity for Short Sellers; Here's how
As a result, it is much more likely that Bitcoin price will continue to remain bullish in the near term, with inevitable corrections providing buying opportunities.
What next?
It is safe to say that there is always a bull market somewhere in the crypto industry. As Bitcoin price shows early signs of a possible reversal, Ethereum (ETH) is leading the altcoin market in a highly anticipated rally.
Despite the remarkable gains achieved by spot Bitcoin ETFs in the first three days of trading, Bitcoin dominance is already at risk of falling below 50 percent in the coming months.
Read more: Is there a risk of volatility? Altcoin season and bearish RSI suggest a Bitcoin downturn
Is Bitcoin ready for another rise or will altcoins steal the show?
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