According to ChainCatcher, citing CoinDesk, BTC and the price chart of Strategy (formerly MicroStrategy), the world's largest listed Bitcoin holder, simultaneously showed a technical bullish signal, with both daily charts displaying a 50-day moving average crossing above the 100-day moving average, forming the so-called "golden cross".
CoinDesk's licensed market technical analyst Omkar Godbole pointed out that this synchronized signal indicates that the short-term trend is surpassing the long-term trend, potentially signaling the beginning of a major bull market.
BTC's bullish signal is consistent with other technical indicators like MACD, suggesting that the path of least resistance for price is upward. However, analysts warn investors that on-chain data shows influential market participants have turned cautious, with Bitcoin price facing resistance in the $101,000-$107,000 range, and potentially dropping below $100,000 in the short term, retracing to the $98,000 support level.
