Bitcoin Rises to $67,000 as Golden Cross Approaches, Crypto Market Cap Rises by 3%

(Kitco News) – Cryptocurrency prices recorded an uptrend at the end of the week while Bitcoin (Bitcoin) surpassed $67,000 for the first time since April 23, triggering a market-wide rally that saw the total cryptocurrency market capitalization rise 3% to $2.42 trillion.

Stocks ended the week mixed after the three major indexes hit new highs in previous sessions as Wall Street paused its voracious buying to reassess the chances of seeing a rate cut by September.

At the close, the S&P and Dow closed in the green, up 0.12% and 0.34% respectively, while the Nasdaq lost 0.07%. Both the S&P and Nasdaq recorded their fourth consecutive week of success, a record not seen since February. For the first time in history the Dow Jones closed above 40,000.

“Bitcoin surged above $66,000 early Friday, recovering from Thursday’s drop below $65,000,” analysts at Secure Digital Markets said. “The price started to retreat right at our resistance target of $67,500. As long as Bitcoin remains above its 50-day moving average, we expect continued upward momentum.”

Bitcoin/USD TradingView chart

“In particular, there has been significant institutional interest this week, with major players disclosing sizeable holdings in BTC ETFs,” they added. “For example, yesterday Morgan Stanley reported a $269.9 million investment in Grayscale’s GBTC.”

Bullish signs are emerging

Market analyst Mustache also highlighted Bitcoin’s moving averages, noting that a golden cross is “imminent” on the 12-hour chart.

A golden cross occurs when a short-term moving average rises above a long-term equivalent. The last time this crossover occurred was in October, shortly before Bitcoin rose from under $30,000 to a new high near $74,000 over the next four months.

Data provided by Farside show that the streak of inflows into Bitcoin spot exchange-traded funds (ETFs) extended to four days on Thursday, highlighting that Bitcoin’s price usually performs well when ETFs experience net inflows.

According to Bloomberg senior ETF analyst Eric Balchunas, recent inflows have brought total assets under management back to $12.3 billion since launch, which he called a “key number.”

The last two [months] show why [it’s] it is better not to be overwhelmed by the emotional flows, which come in and out, part of the life of the ETF,” Balchunas said, adding that he believes “it will yield positive results in the long term. The flow [amounts] on both sides they are small relative to the AUM, maybe 1-2%, so it’s never THAT DONE or THAT BACK if you think about it.”

Cryptocurrency analyst and trader Kevin Svenson said that Bitcoin (Bitcoin) is sending bullish signals similar to what was seen in mid-March, just before reaching a new all-time high.

“We are coming out of a bottom reversal pattern,” he said She said, referring to the appearance of an inverse head and shoulders pattern on the Bitcoin chart. “So this is really bullish, I would say… Bitcoin is also above the downtrend line of the Relative Strength Index (RSI) on the daily chart. And this is just a signal for continuation on the upside.”

“It’s no different than this zone in early 2024, when we had a sideways consolidation, downside-sloping resistance on the RSI, and broke out to new all-time highs,” he noted. “Bitcoin is repeating the exact same scenario once again, probably taking us to new all-time highs.”

Svenson suggested that Bitcoin is in the fourth phase of a parabolic curve pattern that could potentially peak at $90,000.

“This is the textbook goal of $90,000; that is not the goal of the peak cycle,” she said. “I think in this bull cycle, considering the halving just happened, we could go above $90,000. But maybe we should calm down first.”

“This could mean that Bitcoin will reach our parabolic trend objective of $90,000 before we see a break out of that trend with a sideways consolidation,” he concluded. “And then a further push up creating a larger, more expansive parabolic trend.”

Altcoins end the week on a high note

Altcoins ended the week on a positive note, with only a dozen tokens in the top 200 seeing red on Friday and none losing more than 3%.

Daily trend of the cryptocurrency market. Source: Coin360

DeFi project 0x Protocol (ZRX) leads the chart with a 16.6% increase, followed by a 16.5% gain for Biconomy (BICO) and a 13.6% increase for Gnosis (GNO). Beam (BEAM) was the biggest loser, down 2.9%, while Notcoin (NOT) fell 2.1% and Core (CORE) lost 2%.

The overall cryptocurrency market capitalization now stands at $2.42 trillion and Bitcoin’s dominance rate is 54.4%.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It does not constitute a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for loss and/or damage arising from the use of this publication.

Fuente