A significant technical signal in Bitcoin’s price action is expected to occur within the next 24 to 48 hours, with the possibility of a golden cross. Following a recent breakout above $90,000, Bitcoin has been consolidating near its current price of around $94,900. While price action remains flat around key resistance levels, momentum shows no sign of slowing down. 💰
Despite Bitcoin’s strong performance and surpassing the 100 EMA, which is unusual for this stage of a rally, it still remains below the crucial 50 EMA at $88,837. The 50-day EMA (around $88,395) is also nearly aligned with the 100-day EMA, creating a compelling setup for a golden cross. This technical signal signals a bullish trend and often triggers renewed investor confidence.
However, some hesitance can be noted as the price action remains below the 100 EMA. For this to become an official golden cross, Bitcoin must stay above $90,000. If it were to fall under $88,000 in a deeper retracement, this momentum could weaken or delay the signal. Looking ahead, resistance levels around $100,000 and $98,000 are crucial for continued upward movement if the golden cross is achieved.
While a push towards six figures isn’t out of the question in the coming weeks, market sentiment will likely remain cautious until this signal materializes. The upcoming weeks could see a significant technical breakthrough with the golden cross, paving the way for a new leg up in Bitcoin’s price.