Bitcoin's bullish momentum is gaining significant traction, and a crucial technical signal that could lead to a new all-time high (ATH) just flashed.

Bitcoin's bullish momentum is gaining significant traction, and a crucial technical signal that could lead to a new all-time high (ATH) just flashed.

Bitcoin is getting closer to a new all-time high as it shows crucial technical strength.

What Happened: Bitcoin price rose above the $100,000 psychological barrier and showed a key bullish crossover. The 50-day Exponential Moving Average (EMA) has crossed above the 100-day EMA.

This crossover is a popular technical analysis momentum indicator that often precedes major upward price movements. The 100 EMA reflects a more intermediate-term perspective, while the 50 EMA follows the short-term price trend. The 50 EMA crossing above the 100 EMA is a technical confirmation that bulls are prevailing and short-term bullish pressure is outpacing the mid-term trend.

This crossover has historically been seen to spark sustained uptrends in bitcoin’s price when it’s combined with increasing volume and a breakout above prior resistance, all of which are happening now. The strong green candle closes after the breakout above $97,000, which had been a ceiling for months, indicated buyer conviction.

Although the trending Relative Strength Index (RSI) above 74 suggests bitcoin is in overbought territory, a reversal isn’t necessarily imminent.

In bull markets, overbought conditions can last for several weeks as momentum pushes prices higher. Bitcoin is currently trading above $104,000 and is in striking distance of its all-time high of around $110,000, making the path to new highs seem more clear than ever.

To support the next leg of the bull cycle, bitcoin may soon challenge and even clear its all-time high — if the rally sustains above the $100,000 support and the crossover holds.

See Also: How To Buy Bitcoin (BTC)

Ethereum Breaks Out Of 200 EMA: After months of consolidation and decreasing pressure, Ethereum has finally broken above the crucial 200 Exponential Moving Average (EMA).

This technical move signals that ETH could be setting up for a longer-term upward trend and supports the change in market sentiment.

At the moment, ETH is trading at about $2,540, having risen above the 50, 100 and 200 exponential moving averages — three bullish indicators. The 200 EMA, in particular, is often used as a long-term trend indicator and is known to signal the start of a mid- to long-term reversal.

But breaking out of consolidation is what counts next. Despite this bullish breakout, Ethereum has yet to fully sustain itself above the 200 EMA.

Although there was a brief spike above the level in the recent price action, the volatility and candlestick wicks indicate that the market is still hesitant.

For the breakout to be considered a true hold, Ethereum needs to remain above this level for several trading sessions, ideally with increasing buy-side volume and decreasing volatility.

As it stands, the RSI is above 80, indicating overbought conditions. While this doesn’t necessarily foreshadow a bear market, it does suggest the possibility of a brief cooling or consolidation phase.

This could actually strengthen the current breakout and prepare ETH for its next upward move.

Around $2,800, a level last tested in early 2024, is the next significant resistance. With Ethereum showing strength and capable of sustaining itself above the 200 EMA and forming a solid base around $2,540, a push toward that $2,800 mark is not only possible but likely.

To summarize, ETH has cracked the surface of a bigger breakout. However, for it to have any meaning, it must sustain itself at the current level or higher for a bit longer.

Solana Aims For $200: Solana is getting closer to the $200 psychological and technical barrier with its recent performance, making the move more likely.

SOL is now trading at about $174 after breaking above the 200 EMA, a key long-term trend indicator that many traders use to validate the beginning of a bull phase.

As it approaches the $200 resistance, Solana is well-positioned thanks to this clean breakout. On the SOL/USDT chart, the obvious bullish price action is supported by volume spikes and persistent buying pressure.

More importantly, SOL has been flipping earlier resistance levels into support, most notably in the $160-$165 range. This flip adds to the argument for continuation.

The technical configuration, however, still shows signs of development. Despite the price already being above the 200 EMA, both the 100 and 200 EMA are still below the 50 EMA. This suggests that the rally is still in its early to middle stages.

The 50 EMA has yet to cross above the 100 and 200, which would usually be a sign