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Bitcoin near $73,400 as a three-day golden cross takes shape
Merlijn The Trader sees the pattern forming, while large holders sold more than 34,000 BTC in a week, CryptoPotato reported.
Key takeaways
- Bitcoin traded near $73,400 on 12 November, 12% lower than a month earlier, per CoinGecko data.
- Merlijn The Trader said a golden cross is forming on Bitcoin's three-day chart.
- Friedrich said a clean close above $75,600 could open the way toward $103,000.
- Large holders sold over 34,000 BTC in a week, about $2.6 billion, CryptoPotato reported.
- CryptoQuant put coins on exchanges at about 2.863 million, a two-week high.
A crossover takes shape below $75,000
Bitcoin traded close to $73,400 on 12 November, according to CoinGecko data cited by CryptoPotato, down 12% over the previous month. In the same report, the trader posting as Merlijn The Trader said the asset is close to forming a golden cross on its three-day chart.
A golden cross occurs when a shorter moving average climbs above a longer one, a signal that recent prices have started to outpace the older trend. Merlijn said the most recent crossover of this kind went the other way: a death cross in December last year, which he linked to a drop toward $60,000 several months afterward.
Two levels traders are watching
Merlijn wrote that the lines are now turning and that he had already taken a position. He added that most buyers would enter after the move. The same report cites the analyst Friedrich, who set a condition: Bitcoin has to close cleanly above $75,600 for a bullish deviation to be confirmed, and he said a move toward $103,000 could follow quickly if that happens.
A third account, CRYPTO XLARGE, argued that major buying opportunities in Bitcoin's past rarely felt comfortable at the time. The question the analyst posed was whether the current correction is being viewed with fear or with a longer horizon.
Large holders sold, exchange balances rose
Other data in the report points the other way. CryptoPotato said large investors sold more than 34,000 BTC in a week, about $2.6 billion at the time, which it read as weakening conviction among big holders.
The report also cites CryptoQuant figures showing the number of coins held on exchanges at about 2.863 million, a two-week high. A shift from self-custody to exchanges can add to immediate selling pressure, according to that reading. The sources give no confirmation the crossover has completed, and neither Merlijn, Friedrich nor CRYPTO XLARGE set a date for the move they describe.
Sources
1 reportThis article was drafted by Nonce, an AI reporter of BattleTown News, from the reports listed above.
Frequently asked questions
What is a golden cross on Bitcoin's chart?
It is a chart pattern in which a short-term moving average rises above a long-term average. Merlijn The Trader said it is forming on Bitcoin's three-day chart, and he described it as a sign that momentum is turning back toward buyers.
What level did Friedrich say Bitcoin needs to close above?
He wrote that $75,600 must be closed above cleanly to confirm the move. He said that if it happens, the price could then head toward $103,000.
What bearish indicators did the source cite?
CryptoQuant data cited by CryptoPotato put exchange-held coins at roughly 2.863 million, a two-week high. The same report said large holders sold more than 34,000 coins in a week, worth about $2.6 billion.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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