Bitcoin Sends Bullish Signals on Short Intervals: Will it Break Resistance?

Bitcoin is aggressively testing the upper liquidity limits as market watchers spot an upcoming “golden cross” on the horizon. The latest data points reveal Bitcoin near its peak levels since the middle of April, maintaining sustained pressure.

Analyzing the Golden Cross Potential

The concept of the golden cross, where a shorter-term moving average crosses over a longer-term one, signals potential upticks in price movements.

Moustache, a noted figure in the crypto trading community, anticipates this technical event on the 12-hour Bitcoin chart.

“Golden Cross of $BTC is imminent,” he shared on Twitter, indicating the market might see significant activity similar to the last occurrence in October, which preceded a major price rally. Back then, BTC surged over 170% following the golden cross.

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Meanwhile, Bitcoin’s price resistance around $67,000 holds strong, with approximately $75 million worth capping the potential rise, according to CoinGlass data.

Despite not reaching the highs of 2024 or 2021, the anticipation in the market is palpable, influenced heavily by these technical formations.

Ichimoku Cloud Confirms Support Change

The trading pattern seems reminiscent of earlier in the year, as suggested by another trader, Titan of Crypto.

“BTC seems to be repeating the same pattern from early 2024,” he observed, noting over 60% gains when similar conditions were met previously.

The Ichimoku Cloud, a complex indicator used to gauge momentum and future areas of support and resistance, now suggests $60,000 as a new support level.

This change from resistance to support aligns with various bullish indicators converging around this pivotal price point.

The short-term holder realized price and the swiftly ascending 100-day moving average, now above $62,000, further bolster this support level.

“BTC is perfectly flipping previous resistance into support,” summarized Titan of Crypto, presenting an optimistic outlook for the cryptocurrency.

There is a Surging Interest in Bitcoin ETFs

Market dynamics are also influenced by institutional behaviors, particularly observed in Bitcoin ETF activities.

Recent data from Santiment highlight a surge in volumes among Bitcoin’s institutional investment products, with daily spot volumes exceeding $5 billion.

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This week, the volume managed by the seven largest U.S. spot ETFs reached a high of $5.65 billion, the most robust since late March.

Moreover, the Grayscale Bitcoin Trust, which had seen significant outflows in the past, is now witnessing renewed interest, with recent investments totaling up to $31.6 million over two days.

“Gone are the days of whales only accumulating onchain,” commented Santiment, suggesting a broadening of investor base and activity.

In a compelling show of confidence, 937 U.S. firms reported exposure to Bitcoin ETFs in the first quarter of the year, dwarfing the interest seen in gold ETFs during their initial launch period, which only attracted 95 firms. This confirms the growing institutional trust and investment in BTC as a viable financial asset.

As Bitcoin continues to send bullish signals across these short intervals, the market remains watchful. Will it manage to break through the existing resistance levels? The data and trends suggest a bullish outlook, but as always, the crypto market retains its unpredictable nature.