U.Today

One of the most anticipated technical indicators in the cryptocurrency market, a golden cross is approaching for Bitcoin. This pattern, where the 50-day moving average crosses above the 200-day moving average, is commonly interpreted as a bullish signal indicating potential upward momentum.

Traders and investors are monitoring this crossover closely, as it could trigger the next significant rally, with Bitcoin currently trading around $62,000. However, technical indicators may struggle to overcome the $65,000 resistance, a psychological barrier that Bitcoin has found challenging to surpass in past attempts.

To break through this hurdle, Bitcoin requires a surge of market enthusiasm and momentum. The next support level, aligned with the 100-day EMA, is situated at $60,500. This level has provided stability in previous downturns. If Bitcoin fails to maintain its position above this, the next target for potential downside is the $59,500 region, where buyers have previously intervened.

While the approaching golden cross signals bullish prospects, an immediate breakout is uncertain. Overcoming the critical $65,000 barrier will need external influences, like increased buying interest or positive macroeconomic news.

Ethereum Looks Up

Ethereum (ETH) exhibits signs of a sustained bullish trend, trading above the 50-day EMA, a vital market strength gauge. At approximately $2,646, Ethereum has maintained upward momentum, suggesting a bullish market shift. However, despite this technical achievement, trading volume has steadily decreased, implying a potential waning of purchasing power.

In the near term, Ethereum may struggle to ascend without the requisite trading volume. A likely pullback to the $2,600 level appears feasible, leading to a potential consolidation phase as traders await more significant momentum. Expect trading within the $2,400 to $2,650 range, with $2,500 acting as critical support for buyers during any retracement. A notable volume increase will be necessary for Ethereum to breach resistance at $2,700.

Binance Moves Forward

Finally, Binance Coin (BNB) has successfully breached a 65-day resistance level, rising above $600—a significant psychological and technical milestone. Despite this positive development, BNB lacks the momentum to extend this rally, currently trading at about $602.

This level serves as the next resistance marker; if BNB fails to surpass it, a pullback may occur. The next support level is around $585, aligning with the 50-day EMA, which is crucial for maintaining the bullish structure. A break below this could indicate a longer correction, potentially leading towards the $550-$560 range where the 100-day EMA provides stronger support.

For BNB to continue its rise, a new wave of investor interest or favorable macroeconomic catalysts is essential, especially as the overall market begins to slow. Traders should monitor the $610 level closely, as a sustained move above this resistance might pave the way for further gains. Until then, the lack of momentum may keep BNB within a range or prompt a minor retreat.

This article was originally published on U.Today