A positive signal for Bitcoin (BTC) has emerged on the weekly chart: the golden cross. This occurs when the 50-week moving average (MA) crosses above the 200-week MA, indicating a long-term bullish trend. The last time this happened was in May 2019, when BTC was trading around $5,000. Since then, it has increased by more than 900%.
The golden cross is not a guarantee of future gains, but it shows that the overall momentum is in favor of the bulls. It also suggests that the recent correction from the all-time high of $64,895 in April was a healthy pullback rather than a reversal. BTC has bounced back from the support zone of $28,800-$31,600 several times, confirming its strength.
The next major resistance for BTC is the $42,000 level, which coincides with the 0.382 Fib retracement of the entire downward move. A weekly close above this level would increase the chances of a new all-time high in the coming months. On the other hand, a drop below the support zone could invalidate the bullish scenario and signal a deeper correction.
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