- Bitcoin has gained 54% since October after a bullish golden cross formed on the daily chart.
- Traders are closely watching backing levels as Bitcoin maintains momentum and prepares for a potential move higher.
- If the coin breaks $110,000, it could spark the next big rally and possibly reach new all-time highs.
Bitcoin’s price has climbed 54% since a key golden cross signal was confirmed in October 2024. Experts say this technical indicator may point to an even stronger uptrend in the coming weeks.
What Is Driving Bitcoin’s Surge?
A golden cross occurs when the 50-day moving average moves above the 200-day MA, signaling a theoretical uptrend. The well-known trader Charting Guy noted that a golden cross was confirmed on October 28, 2024.
Following this signal, Bitcoin rose from about $67,500 to its current price of $104,023. Historically, this pattern has often marked the start of price rallies. Analysts have pointed out that the current Golden Cross is similar to the one that occurred in 2023, which also led to a major rally.
BTC has stayed above its 50-day moving average, showing strong support from buyers in the market.
Bitcoin Consolidates After Recent Gains
Bitcoin’s price is currently consolidating near its 50-day moving average, which mirrors behavior seen after previous golden crosses. This period of consolidation often happens after a major rally and is typically viewed as a sign of stability before another move upward.
Charting Guy noted that Bitcoin is now “chopping around” the 50-day moving average, which he sees as a healthy reset for the market. Historical trends support this view since Bitcoin often pauses briefly after sharp gains before continuing its upward trend.
This consistent price action reinforces the belief that Bitcoin’s golden cross remains a reliable indicator of bullish momentum.
Key Levels to Watch for a Breakout
Traders are closely watching Bitcoin’s moving averages, which act as important support and resistance levels. The 50-day moving average is critical for maintaining short-term momentum, and the 200-day moving average reflects the lasting health of the market trend.
If the token can break past $110,000, it may open the door for even larger gains, potentially reaching new all-time highs. Charting Guy noted that historical data suggests another price surge is likely once Bitcoin establishes firm support around current levels.
The post Bitcoin Jumps 54% After Golden Cross as Traders Await the Next Big Move appeared first on Cryptonewsland.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed