Cowen analyst warns of bitcoin 'golden cross' trap at $81,280
- —Bitcoin rose 4% in 24 hours and is trading near $81,280
- —A 'golden cross' formed: the 50-day SMA crossed above the 200-day SMA
- —Cowen: confirmation of a reversal requires weekly closes above the 50-week SMA
- —Otherwise, a 2014–2015-style scenario with a lower high is possible
Why it matters: The 50-week SMA level will determine whether the current bounce marks the start of a bullish reversal or a trap for buyers.
Source: U.Today