A crucial technical indicator, known as a daily golden cross, has appeared on Bitcoin’s price chart. This event, occurring when the 50-day Simple Moving Average (SMA) moves above the 200-day SMA, has historically preceded significant bullish movements for the cryptocurrency.
Market analysts point out that similar golden crosses occurred before major price surges in 2017 and 2020. This sets a precedent suggesting the current setup could lead to substantial gains. Bitcoin has been consolidating below the $120,000 price level, creating a potential launchpad for the next significant upward move.
Technical analysis based on historical price action patterns indicates key potential targets of $135,000 and $155,000 if the bullish momentum materializes. Traders are advised to monitor for a confirmed daily close above the critical $120,000 resistance level, as this event could act as a key trigger accelerating bullish momentum.
As the dominant cryptocurrency by market capitalization, Bitcoin’s technical posture significantly influences the broader market outlook. Analysts emphasize that these strong technical indicators firmly support a continuation of Bitcoin’s upward trajectory.