Bitcoin Approaches Golden Cross

One of the most anticipated technical indicators on the cryptocurrency market is nearing for Bitcoin, known as a golden cross. This pattern occurs when the 50-day moving average crosses above the 200-day moving average, often seen as a bullish sign for upward momentum.

Traders and investors are closely monitoring this crossover, which could trigger the next big rally, as Bitcoin is currently trading around $62,000. However, the $65,000 resistance level has proven to be a psychological barrier that Bitcoin has struggled to overcome.

To surpass this obstacle, Bitcoin needs a fresh wave of market enthusiasm and momentum. The next level of support is at $60,500, coinciding with the 100-day EMA. Historically, this price level has provided stability during downturns.

If Bitcoin fails to maintain this support, the $59,500 region, where buying has previously intensified, becomes the next downside target. Although the approaching golden cross is optimistic, an immediate breakout is not assured. External factors like increased buying interest or favorable macroeconomic news are essential to push Bitcoin beyond $65,000.

Ethereum Shows Promise

Similarly, Ethereum (ETH) continues to trade above the 50-day EMA, indicating a sustained bullish trend. Currently trading around $2,646, Ethereum has maintained momentum after surpassing this moving average. However, trading volume has been declining, suggesting waning purchasing power and raising questions about the longevity of the upward trend.

Ethereum may struggle to ascend further without the necessary trading volume, with a potential pullback to the $2,600 level expected. The market may experience consolidation, with ETH likely trading between $2,400 and $2,650. For buyers, $2,500 is a critical support level during this phase, while resistance at $2,700 looms.

Binance Coin Breaks Resistance

Lastly, Binance Coin (BNB) has breached a 65-day resistance level that confined it to a narrow range. BNB has surged past $600, marking a critical psychological and technical milestone. However, momentum seems lacking for a continuation of the rally.

Currently trading at about $602, BNB faces resistance at $610. A failure to clear this could lead to a retracement, with the next support around $585, coinciding with the 50-day EMA. A break below this could signal a longer correction, possibly to the $550-$560 region supported by the 100-day EMA.

Despite this, the breakthrough is a positive indicator showing BNB can overcome critical resistance levels. For further rises, BNB needs renewed investor interest or a favorable macroeconomic catalyst. With the next significant target around $650, traders should monitor the $610 level closely, as a sustained move above could facilitate additional gains. Until then, the lack of momentum might keep BNB range-bound or lead to slight declines.

This article was originally published on U.Today