Bitcoin approaches a critical technical milestone as its 50-day moving average converges toward a bullish **golden cross** with the 200-day benchmark, echoing patterns from early 2024. This development follows a failed death cross in April that trapped bearish traders, coinciding with mounting concerns over U.S. debt sustainability and strategic asset shifts.
The potential crossover comes amid bitcoin’s 10% surge to $97,000 this month, while gold corrected nearly 10% from its April peak above $3,300/oz. Analysts at Standard Chartered note **ETF inflows** for bitcoin now outpace gold by the widest margin since the 2024 U.S. election cycle, when BTC rallied 40% in two months.
Technical charts reveal striking parallels to January’s market structure, where a death cross preceded a swift golden cross that propelled prices to record highs. The MACD histogram’s bullish divergence and recovering 50-day SMA suggest renewed momentum, though macroeconomic risks linger.
Get breakout alerts
Install Coin Push to get profitable crypto trading notifications.
Technical Setup Mirrors 2024 Breakout
Bitcoin’s current trajectory mirrors the January 2024 pattern where a death cross preceded a 73% price surge within three months. The 50-day SMA’s upward inflection point now sits just 2% below the 200-day line, with a crossover likely before month-end.
Critical support/resistance levels:
– Immediate support: $89,500 (weekly open)
– Breakout target: $109,000 (January ATH)
– Golden cross confirmation: Close above 200-day SMA
Institutional Demand Outshines Gold
While gold dominated safe-haven flows in Q1, bitcoin ETFs have attracted $1.2B net inflows since April compared to $800M for gold funds. “BTC is becoming the preferred hedge against dollar diversification,” said Standard Chartered’s Geoff Kendrick, referencing increased Asian institutional activity.
The bitcoin-gold ratio’s breakout from a four-month downtrend confirms shifting preferences. Historical data shows bitcoin typically lags gold rallies by 100-150 days before outperforming – a pattern that aligned perfectly during 2024’s Q2 surge.
Altcoins Ride Macro Uncertainty Wave
Major **altcoins** like Monero and Ethereum have rallied 15-20% this week as investors diversify beyond bitcoin. The CoinDesk 20 Index shows mid-cap tokens outperforming large-caps by 8% since May 1, suggesting renewed risk appetite despite debt ceiling tensions.
Market participants await clarity on U.S. Treasury’s refinancing plans, with the 10-year yield testing 4.8%. A breach above 5% could trigger liquidations across risk assets, though bitcoin’s decreasing correlation to traditional markets (-0.32 vs SPX) may cushion the impact.
Install Coin Push mobile app to get profitable crypto alerts. Coin Push sends timely notifications – so you don’t miss any major market movements.
Market Impact: A confirmed golden cross could attract $2-3B in systematic trading flows according to derivatives data, potentially propelling bitcoin toward $120,000 by July. However, analysts caution that debt resolution talks and Fed policy remain wild cards that could override technical signals.
