Bitcoin has surged past a critical resistance level, climbing from $116,600 to $118,600 and breaking through a week-long consolidation zone. This upward movement signals strengthening bullish momentum as Bitcoin approaches a significant technical pattern.
The cryptocurrency is forming a golden cross, with its 23-period moving average converging toward the 200-period moving average. This classic chart pattern historically signals extended bullish trends when the shorter-term moving average crosses above the longer-term one, suggesting potential continuation of the current upswing.
Critical support now resides near $116,400, a level that could fortify the asset for further gains should retracements occur. Conversely, Bitcoin must hold above $117,500 to sustain upward pressure toward key resistance thresholds at $119,000 and $120,000. Traders are advised to monitor these technical levels closely to navigate the evolving market structure.
Market participants are positioning to capitalize on the developing trend, with the golden cross formation highlighting improving technical strength. The breakout aligns with broader market optimism as Bitcoin tests crucial price barriers following its recent consolidation phase.