Bitcoin (BTC) has hit the signal combination that traders are usually paying attention to during the major upward trend. Major cryptocurrencies had the rare “bull run combo” on the charts this week. It was combined with strong bounce from a support level of around $95,488 in the daily time frame golden cross.
The Golden Cross occurred when the 23-day moving average exceeded the 200-day moving average. This is a classic technical pattern that turns the long-term momentum shift upside down. This crossover cannot promise victory, but it often attracts the attention of traders who focus on momentum and looking at the big picture.
At the same time, BTC prices once again tested the $95,488 zone. This has now been shown to be solid support. After last week’s meeting, prices soaked in the area, but remained stable. This suggests that buyers are intervening to protect their scope.
As of May 4th, Bitcoin is just under $95,500. From a price point of view, the recent session was hesitant about the $96,000 mark, but the overall trend remains bullish as BTC far outspread the breakout zone around $94,200.
Support levels are still at $91,000, $90,288 and $89,738. As prices go further, these could be a good place to see. These zones may provide a breathing chamber during integration without ruining the big picture.
Putting it all together, this combination of long-term and short-term strength gives Bitcoin a solid technical base. The current setup is not bullish and could lead to new breakouts and sideways in the short term, but it’s not worth neglecting.
