Bitcoin blasts past all-time highs! Is the golden cross flashing a buy signal, or is this just another head fake? We break down the key levels and what analysts are saying.
Bitcoin Price Surges: Golden Cross Signals a Potential Big Move
Bitcoin is the talk of Wall Street as it has broken its all-time high. The recent surge has everyone wondering if this is the start of a new bull run. With a "golden cross" forming and analysts weighing in, let's dive into what's driving this excitement and what to watch out for.
Golden Cross Appears: A Bullish Omen?
A "golden cross" has emerged on Bitcoin's daily chart, a signal where the 50-day moving average crosses above the 200-day average. Historically, this pattern has preceded significant price increases. Trader Merlijn notes past golden crosses led to massive gains: 139% in 2016, 2200% in 2017, and 1190% in 2020. Is 2025 next?
However, it's not always a guaranteed ticket to the moon. More recent golden crosses in 2021 and 2023 resulted in smaller gains of 50% or less. Short-lived crosses often lead to minimal price spikes, so it's crucial to consider the broader context.
Technical Indicators: A Mixed Bag
While the golden cross is bullish, other technical indicators paint a more cautious picture. As of July 17, 2025, the Relative Strength Index (RSI) is below the neutral 50 level, suggesting weak buying power. The MACD also shows hesitation, with a bullish crossover yet to form. These mixed signals suggest indecision in the market, with sellers still active.
Key Levels to Watch
Analysts are closely watching the $120,000 level. Rekt Capital emphasizes that Bitcoin needs a daily close above $120,000 and a successful retest to maintain upward momentum. Support levels are around $116,400 and $116,600, while resistance lies between $118,200 and $118,600.
Altcoin Season and Whale Activity
The broader market is also playing a role. Altcoins are gaining traction, which can potentially divert capital away from Bitcoin. Keep an eye on altcoin performance, as their strength has historically limited Bitcoin's upside. On the other hand, whale activity is increasing, with large holders accumulating Bitcoin, a potentially bullish sign.
Pompliano's Perspective: The Greatest Show on Wall Street
Anthony Pompliano calls Bitcoin "The Greatest Show on Wall Street," attributing the recent rally to record ETF inflows, the expiration of options contracts, and the squeezing of short sellers. He believes Bitcoin is in a "true price discovery phase" and is poised for a "big move" now that it has broken the $110,000 barrier.
Final Thoughts
So, is this the start of a parabolic run, or just another flash in the pan? The golden cross is a compelling signal, but it's essential to consider the broader market context and technical indicators. Whether you're a seasoned trader or just dipping your toes in the crypto waters, keep an eye on those key levels and buckle up – it's gonna be a wild ride!
