Bitcoin’s remarkable price action continues to captivate the crypto market as the leading cryptocurrency pushes into uncharted territory. After breaking through the critical $105,503 resistance level, BTC has established new all-time highs, with analysts now eyeing the $120,000 level as the next major target.
Golden Cross Formation: A Lagging Indicator?
While the cryptocurrency community celebrates the formation of a golden cross between Bitcoin’s 50 and 200-day moving averages, prominent analyst FX_Professor offers a contrarian perspective on this widely-watched technical signal. According to his analysis, the golden cross may be more of a lagging confirmation rather than a leading indicator for price action.
This assessment gains credibility as Bitcoin ETF inflows reach record levels, suggesting institutional interest preceded the technical formation.
Early Entry Zones: The Real Signal
FX_Professor emphasizes the importance of identifying pressure zones before technical confirmations appear. His analysis highlights the $74,394-$79,000 range as a crucial accumulation zone that preceded the current rally. This approach aligns with traditional market structure analysis and has proven effective as Bitcoin continues its upward trajectory.
Current Market Outlook
Bitcoin currently trades at $110,734, representing a 3.1% increase over the past 24 hours. The recent pullback from $111,544 appears to be a healthy consolidation, with strong support levels established. Technical indicators suggest further upside potential, particularly as selling pressure remains notably low despite the new all-time highs.
FAQ Section
What is a Bitcoin golden cross?
A golden cross occurs when the 50-day moving average crosses above the 200-day moving average, traditionally considered a bullish signal in technical analysis.
Why are pressure zones important for Bitcoin trading?
Pressure zones indicate areas of significant buying or selling interest before technical indicators confirm trends, potentially offering earlier entry points for traders.
What’s the next major resistance level for Bitcoin?
Based on current analysis and market structure, the next significant resistance level appears to be around $113,000, with potential for extension to $120,000.
