**[Bitcoin Approaching "Golden Cross," Long-Term Bullish Signal Reappears]** BlockBeats News, August 20: Bitcoin (BTC) may be nearing the formation of a "golden cross," a pattern in technical analysis often regarded as a signal of long-term bullish momentum. If Bitcoin currently breaks above the 50-day Simple Moving Average (SMA) and continues to rise, surpassing the 200-day SMA, which is currently at $69,005, this pattern will officially form. This potential cross emerges as Bitcoin's price has already climbed to $71,000, with a cumulative increase of over 12% in the past week. The current price is also slightly above the 200-day SMA. The 200-day SMA reflects Bitcoin's average closing price over the past 200 trading days and is widely used to assess long-term market trends. If Bitcoin continues to trade above this moving average, it typically indicates the market may shift from a bearish trend to a bullish one; conversely, falling below the 200-day SMA could signal the opposite. [Original Link]