Despite the Dip, Bitcoin Just Flashed Its Most Reliable Bullish Signal: Analysis
Bitcoin’s price action has formed a "golden cross," where the 50-day moving average crosses above the 200-day, historically a bullish signal. Despite this, Bitcoin is down 1.3% today to just under $95,000, while over 95% of top cryptocurrencies also saw losses, pulling the total crypto market to $3.23 trillion. Bitcoin's recent technical indicators are positive: its Average Directional Index (33.5) shows strong trend momentum, and its Relative Strength Index (63) suggests bullish conditions without being overbought. The Squeeze Momentum Indicator and EMA alignment both favor further gains. However, Bitcoin faces major resistance at $98,000 and the key $100,000 psychological level, and failure to hold the golden cross could weaken support. Prediction markets overwhelmingly favor a move above $100,000 before a drop to $69,000, but see only a 26.6% chance of surpassing the all-time high of $126,000 by July. Technicals and sentiment support a short-term bullish outlook but signal caution near major resistance levels.
