Bitcoin’s price is poised for a significant shift on its technical chart, as the short-term 23-period moving average approaches the long-term 200-period line. This narrow gap is expected to result in a golden cross within days. Analysts consider this moment crucial as it signals potential market bias towards upward movement. The current surge, taking Bitcoin’s price above $116,600 and approaching $118,600, provides an added catalyst for this anticipated change. [Read more in the original article on U.Today.]
While a golden cross isn’t always a guaranteed predictor of future market direction, its occurrence often signifies an increase in buying pressure, potentially leading to price increases. The next 48 hours will be critical for Bitcoin investors as they observe whether this technical event triggers a sustained upward trend.
However, if the market confirms a successful test above $117,500-$118,000 by Monday, we could see Bitcoin push towards the all-time high levels of $119,000 and $120,000. This is where technical support will be crucial as it acts as a buffer zone that could enable further price increases even if the market dips.
Looking ahead, this week holds potential for Bitcoin to establish a stronger upward momentum, potentially breaking through resistance levels, especially considering less liquidity over the weekend might amplify any significant movement.