A significant technical development has emerged in the Bitcoin market as the long-term trend indicator SMA-120 has crossed above zero. This event is widely interpreted by analysts as signaling a potential trend reversal, suggesting a shift towards a neutral-bullish market phase.
Technical analysis identifies key price levels acting as support and resistance. Current support is noted at $105,000, while resistance is anticipated near the $110,500 mark. This shift in the SMA-120 indicator is seen as potentially attractive for new investors entering the market.
Reflecting positive momentum, Bitcoin’s current price stands at $116,655.62. It has seen a 1.83% increase over the past 24 hours and a more substantial gain of 7.29% over the last 30 days. Bitcoin continues to assert its dominance within the cryptocurrency market, commanding a 60.02% share. Trading activity remains robust, with a 24-hour volume reaching $66.66 billion.
While the SMA-120 crossing zero is a notable bullish signal in market structure analysis, its translation into sustained price appreciation would require confirmation from market participation and fundamental factors.