What a year 2023 has been so far for cryptocurrencies in general. After a horrible 2022, as far as price performance was concerned, the first month and change has been good for the prices of digital tokens. Bitcoin has been no exception. After a sharp rally in January, the price has been cooling recently but still is in a bullish uptrend for the year. The relative strength index (RSI) of Bitcoin has hit a neutral level, at 53. This matches up with the recent "flat" price action, indicating equally bullish and bearish positions.
Looking at the chart, I see that the 50-day moving average (orange line) is approaching the 200-day moving average (blue line). If the 50-day crosses the 200-day, this is known as a golden cross. This is generally seen as an indicator that a major rally could start soon. The current price remaining above the 200-day moving average is also very bullish. Many are pointing to these technical indicators as the beginning of a new bull run. It will be important to continue to watch these indicators for confirmation.
I must admit that the end of the crypto winter appears to be coming much sooner than I initially thought. Admittedly, I thought that it would take until at least the second half of 2023, but it appears that a new bull market does appear to have already started. It is impossible to predict where the price of anything is going, but technical indicators can give hints. I will continue to "read the tea leaves" and study the chart.
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