Bitcoin reaches a daily peak of 93,928 USD, first time over 90,000 USD since March, thanks to the "Golden Cross" pattern and strong capital inflow.
Bitcoin has reignited the cryptocurrency market with a strong breakthrough in Tuesday evening's trading session. Around 5:45 PM ET, the cryptocurrency with the world's largest capital reached 93,928 USD – its daily high, equivalent to a 6.5% increase against the USD and 10.3% over the past week.
This is the first time Bitcoin has returned to prices above 90,000 USD since March, drawing special attention from investors and technical analysts. Bitcoin's technical chart is currently sending many positive signals, not only crossing important moving averages (MAs) but also forming the "Golden Cross" pattern – a technical indicator considered a classic sign of potential strong upward momentum.
Multiple Factors Driving the Surge
Bitcoin's trading volume has significantly increased in recent days, reflecting recovering market confidence. Meanwhile, Bitcoin is increasingly demonstrating separation from traditional financial market (TradFi) rhythms, as many investors shift towards this asset as a relatively stable haven amid global political and economic uncertainties.
Bitcoin's strong early week surge is driven by a combination of favorable factors, including USD weakness, strong institutional capital inflow, positive technical patterns, and a notable shift in investor sentiment.
These factors have together created a powerful catalyst, igniting a price surge for the world's leading digital asset, making the cryptocurrency market more vibrant despite recent fluctuations in traditional financial markets.
