Bitcoin surged to nearly $107,000 today before retracing slightly, outperforming traditional markets like stocks and gold. With altcoins such as Ethereum jumping 5% and Solana, XRP, BNB, and Dogecoin rising between 2-4%, bullish momentum is clearly building across the crypto sector. Analysts are now watching closely as Bitcoin approaches a critical technical pattern known as the “golden cross.”
Golden Cross Hints at Rally, But Death Cross History Raises Caution
Technical analysts highlight that Bitcoin is on the verge of forming a golden cross—where the 50-day moving average crosses above the 200-day MA—often seen as a strong bullish signal. In past cycles, Bitcoin rallied 121% and 68% following similar patterns, fueling optimism that $110K could be within reach in the coming days.
However, not everyone is convinced. Crypto strategist Benjamin Cowen pointed out that recent “death cross” events—where the short-term average dips below the long-term—have historically marked local bottoms. If the pattern from Q3 in 2023 and 2024 repeats, Bitcoin may face another dip before resuming upward momentum. Cowen warns of potential weakness heading into Q3 2025.
Also Read: $90K or $105K? Bitcoin’s Bull Flag Pattern Sets the Stage for Next Major Move
Mixed Signals: Resistance Builds Amid Strong ETF Inflows
Adding to the mixed outlook, analyst Ali Martinez flagged a “hanging man” candlestick pattern, often associated with trend reversals. Combined with weakening momentum indicators like the RSI and MACD, there’s concern Bitcoin may be losing steam despite recent gains.
On the flip side, institutional demand appears stronger than ever. U.S.-based spot Bitcoin ETFs saw $667 million in inflows on May 19 alone—the largest in over two weeks. Data from Farside Investors shows 18 of the last 21 trading days were positive for inflows, adding $6.9 billion in capital to the market and signaling renewed investor confidence.
Sustainable Growth May Set the Stage for New Highs
CryptoQuant analysts believe this rally may differ from previous bull runs. Unlike prior cycles marked by excessive hype and sudden crashes, Bitcoin’s current rebound shows steady accumulation without overheating. Healthy market dynamics and consistent demand suggest that Bitcoin could break its all-time high again—this time more sustainably.
With key technical signals aligning and institutional capital returning, Bitcoin’s path to $110K looks more credible than ever—though caution remains warranted.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
