%Bitcoin ($BTC) has formed a ‘bull cross’ after rising 12% in the past week and surpassing $47,500 U.S. per coin, say analysts.
The top %Cryptocurrency by market value topped $47,500 U.S. over the weekend, confirming a breakout from a two-month triangular pattern, and prompting some analysts to forecast that the digital asset’s price will soon break above $50,000 U.S.
A bull cross happens when a short-term moving average crosses above the long-term moving average, indicating a bullish shift in the momentum. Bitcoin jumped from $44,000 U.S. to $52,000 U.S. in weeks after the last bull cross formed on August 19 of last year.
While Bitcoin has risen nearly 20% since the U.S. Federal Reserve raised borrowing costs by 25 basis points on March 16, the S&P 500, Wall Street’s benchmark index, has jumped 5.9%.
Bitcoin was last trading near $47,000 U.S., representing a 0.4% gain on the day and 1.4% for the year. With its latest increase, Bitcoin has now broken even on the year in terms of its price.