Bitcoin may be approaching a golden cross, a technical pattern commonly viewed as a long-term bullish signal. The cryptocurrency has climbed above $71,000 and gained more than 12% over the past week, while trading slightly above its 200-day simple moving average (SMA), currently $69,005. The pattern would be formally established if Bitcoin continues rising above its 50-day SMA and breaks through the 200-day SMA. The 200-day SMA tracks Bitcoin's average closing price over the previous 200 trading days and is widely used to assess long-term market direction. Sustained trading above the average may indicate a shift from a bear market toward a bull market, while a fall below it could send the opposite signal.