Bitcoin Nears $110K as Golden Cross Forms — Analysts Predict Parabolic Surge

Bitcoin has surged past $105,000 and is gaining momentum as key technical indicators point toward an impending bullish breakout.

Bitcoin (BTC) price showed no signs of slowing down as it surged past $105,000, collecting bullish momentum with every new candlestick. As the cryptocurrency market continues to heat up, key technical indicators were identified by prominent market watchers, hinting at an impending breakout.

Among the technical events that unfolded was the potential ‘Golden Cross’ formation, an occurrence that's said to be followed by major uptrends in BTC price action, as highlighted by Crypto Rover.

According to the chart shared by the crypto trader, the market is seeing a repetition of past patterns where the 50-day moving average crosses above the 200-day moving average, also known as the Golden Cross, often preceding a steep increase in price.

“History is exactly repeating. 50 SMA crosses above the 200 SMA. Usually a good sign for a later uptrend,” Rover noted.

This technical event might be followed by a strong buying momentum, especially if it manages to break through the resistance level at $110,000.

The latest data showed that Bitcoin is now trading at $105,391 with a 2.24% increase in the past 24 hours. Its market cap has also crossed $2.09 trillion, and its trading volume remains high at over $38 billion, showing strong interest and liquidity in the market.

As Bitcoin price approaches the crucial $110,000 mark, the crypto community is eagerly watching to see if it can break through this barrier and continue its march toward new all-time highs.