Bitcoin ($BTC ) Golden Cross: Secured
With the 50-day EMA now crossing above the 200-day EMA, Bitcoin has formally printed a golden cross on the daily chart. This is a classic bullish signal that frequently signals the start of a longer-term trend reversal. At $96,516, Bitcoin is still above all significant moving averages and has recovered significant ground that was lost during the February-March breakdown. Although it indicates underlying strength and a change in trend, the golden cross is not a guarantee of sudden sharp price swings.

The present price range, which is close to the point of the early 2025 breakdown, may actually serve as both structural and psychological resistance. A short-term pullback is becoming more likely as the asset consolidates following a strong rally - especially as the RSI approaches overbought territory at 69. But sentiment is not just about technical aspects. On May 1, net inflows of $422 million were made into Bitcoin spot ETFs, with BlackRock (NYSE:BLK)’s IBIT leading the way with $351 million.

This indicates a strong institutional appetite. These kinds of inflows give Bitcoin a strong foundation and may protect it from a decline. Ethereum ETF activity, on the other hand, was much lower, with a net inflow of $6.49 million and outflows only reported by Grayscale’s ETHE. Even with the momentum, it would be beneficial to take a break here. The precise range where Bitcoin’s last breakdown started has been reached again; markets frequently pause when they return to these areas.

Resetting the RSI, shaking out weak hands and laying the groundwork for a possible breakout above $100,000 would all be accomplished by a consolidation between $94,000 and $97,000. In summary, the golden cross indicates that although the macro trend for Bitcoin is turning bullish, short-term prudence is still necessary.
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