Bitcoin surges to $111K as U.S. institutional buying triggers powerful golden cross momentum.

America now holds more Bitcoin than ever, surpassing global reserves including China's stash.

Bitcoin price surged to $111K on Friday, continuing a rally that saw strong U.S. institutional buying activity triggering a powerful golden cross momentum.

This new pattern in the U.S. to Rest Reserve Ratio had major implications, especially as the U.S. is now holding more Bitcoin than ever before, surpassing global reserves, including China's stash.

However, CryptoQuant analyst cautions that past golden crosses were followed by steep Bitcoin corrections, urging traders to stay alert.

U.S. Is Now Holding More Bitcoin Than Ever

Recent data from on-chain analytical platform CryptoQuant reveals that U.S.-based entities, including banks, exchanges, and funds, have accumulated a bigger chunk of Bitcoin compared to the rest of the world.

This strong buying activity recently triggered a bullish chart pattern known as a golden cross on the U.S. to Rest Reserve Ratio chart, which is commonly signaled by the 50-week Simple Moving Average (SMA) crossing above the 200-week SMA.

This type of signal is usually linked to a potential price surge and has been a topic of interest for traders throughout 2023.

In the past, this varied chart pattern signaled the beginning of major uptrends. We saw it last year, and now it’s happening again. This shift is helping fuel the recent price jump, along with optimism over new U.S. crypto laws and growing interest from major names like Michael Saylor's MicroStrategy, Tesla, Semler Scientific, and many more.

The U.S currently holds overall 207,189 BTC which is worth around 22.99 billion.

Also Read: Bitcoin Surpasses $110K Again, But Can It Reach $120K This Week?

Political Winds Are Blowing Bitcoin’s Way

There’s also growing political support for crypto in the U.S. As President Donald Trump recently voiced strong support for crypto, even saying he wants the U.S. to lead Bitcoin mining and become the “crypto capital of the world.”

Combined with new Senate talks around stablecoin laws, the U.S. is pushing hard to attract crypto innovation.

But while the U.S. is making headlines, China is still a big player in the background.

Although China currently holds overall 194,000 BTC, which is worth around 21.53 billion.

However, much of China's activity is indirect, through smaller funds and exchange accounts, making it harder to track than the open buying from U.S. institutions.

Yet, China's grip on mining and holding power is real, and the U.S. doesn’t want to be left behind.

This competition between the two superpowers could have major implications for Bitcoin’s price and adoption in the long term.

At press time, BTC trades at $110,293.12.