Bitcoin nears golden cross as USDT dominance signals risk-on mood

Bitcoin’s 50-day moving average is nearing a move above its 200-day moving average, a so-called golden cross, CoinDesk said in an analysis. Since 2012, Bitcoin has recorded 12 golden crosses, and the average gain over the nine instances with measurable three-month returns was 24.9%, according to CoinDesk. Still, only three cases lasted for more than a year. CoinDesk added that the 50-day moving average of USDT’s market cap dominance is also nearing a move below the 200-day moving average, forming a dead cross. A decline in USDT dominance usually means risk assets such as Bitcoin are gaining value relative to stablecoins, which can be read as a sign of stronger risk appetite in the crypto market.