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- 🔥 Poll: Can BTC Break Its ATH This Week?
ATH Recap: Bitcoin hit its ATH of $109,702.5 on Jan 20, 2025, followed by a consolidation phase.
Recent Trends: With easing geopolitical tensions, sustained institutional inflows, and improving market sentiment, BTC has shown strong upward momentum.
This Week’s Key Question: The market looks bullish, but the ATH remains a major resistance level.
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Bitcoin Eyes Golden Cross as 50-Day SMA Turns Upward
Bitcoin's 50-day SMA has turned upward, setting up for a potential golden cross on the daily chart in the near term.
A supply cluster around $106,600 continues to act as short-term resistance, with 31,000 BTC held at that level since December.
Despite recent price dips, Bitcoin's trading volume surged nearly 94 percent, reflecting heightened market interest and volatility.
Bitcoin is on track to form a golden cross pattern on its daily chart. The 50-day Simple Moving Average has already shifted direction, now trending upward. This movement typically acts as an early indicator of a golden cross, which occurs when the 50-day SMA crosses above the 200-day SMA.
A confirmed golden cross is widely viewed as a bullish technical signal. Historically, this pattern has preceded extended upward trends in Bitcoin's price. However, not every golden cross guarantees immediate gains. Market conditions often influence how prices respond to such technical developments.
Short-Term Resistance at $106,600
According to Glassnode, Bitcoin currently faces strong resistance near the $106,600 level. Approximately 31,000 BTC were acquired at that cost basis, creating a notable supply cluster. This level has remained firm since mid-December, with holders showing no significant signs of redistribution or averaging down.
The initial days of the week saw Bitcoin go from $107,137 to $102,105. While reporting, Bitcoin is trading at $103,150. This means there has been a 1.07 percent decline in the last 24 hours. Still, despite the drop in rates, the volume of trading within 24 hours increased by 93.87 percent, reaching $65.98 billion.
What Could Happen After a Golden Cross
Should the golden cross be present, Bitcoin could try to go up and remain in growth. In the same situation, traders could see a rise toward the previous all-time highs and new higher highs. It’s also possible for Bitcoin to consolidate in one place before it starts moving up again.
The upcoming changes in technology are being met with rising uncertainty in the market. Some traders look to buy when the golden cross appears, but anything happening outside the market may change Bitcoin’s course. Presently, traders are checking the 50-day and 200-day SMAs to confirm the crossover has happened.
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