Bitcoin moved above $101K after forming a golden cross yet may retest $95K if support weakens soon.
The 50-day moving line held firm but the chart now shows less power and more sideway price signs.
Previous patterns show golden crosses often lead to price pauses before another major market step.
Bitcoin recently bounced off its 50-day moving average (MA), triggering a golden cross that lifted the price above $101,000. This technical move, often viewed as a bullish signal, follows a short consolidation period and marks a critical pivot in BTC’s trend trajectory. However, analysts suggest a sustained rally from this point is unlikely without further price consolidation.
Source: X
The 50-day MA now supports Bitcoin’s structure, while the 200-day MA, currently near $95,259, could still be tested. The bounce came after BTC briefly dipped and found support, indicating potential for both upward momentum and downward retests. Traders and investors are now assessing the reliability of this signal amid historical trends and broader market dynamics.
Golden Cross Formation and Market Reaction
Bitcoin’s golden cross formed after the 50-day MA crossed above the 200-day MA, indicating possible longer-term strength. This pattern has historically attracted bullish sentiment, though it often precedes a period of consolidation before significant moves occur.
Price action over the past month has shown a gradual weakening of the strong uptrend established earlier in April and May. The chart shows a breakdown from the ascending trendline that previously supported BTC’s climb from under $72,000. Following the trendline break, the price briefly fell but recovered near the green 50-day MA.
As of June 7, BTC is trading at $101,023.90. The move is supported by increasing buying interest, but resistance levels remain visible above $104,000 and $107,500. Market watchers are closely watching for volume confirmation to validate the bullish setup or indicate a deeper retest.
Historical Patterns and Moving Average Behavior
Technical history suggests golden crosses often lead to sideways movements before a decisive breakout or breakdown occurs. Previous occurrences have seen price revisit the 200-day MA, which sits near the $95,000 mark. This level could serve as a major support if current bullish momentum fades.
The past rallies have rarely shown straight upward movement following a golden cross. Instead, the market has paused, allowing for accumulation and testing key support zones. Anup Dhungana, a crypto analyst, pointed out this pattern while sharing the chart, warning of further consolidation.
His analysis aligns with the ongoing price structure, which shows higher lows but lacks the momentum required for immediate breakout. The recent bounce does suggest underlying strength, but a failure to hold above the 50-day MA may shift sentiment rapidly.
Can Bitcoin Maintain Its Position Above $100K?
Bitcoin’s ability to sustain levels above $100,000 depends on multiple signals including volume, institutional inflows and macroeconomic factors. Without a clear surge in demand or a decisive break of overhead resistance, the market could slip back into a testing phase.
A close below $101,000 may push prices toward the 200-day MA, and a failure there may open the door to lower targets. With standard moving average dynamics at play, a shift in daily candles or loss of trendline recovery could prompt further sell-offs.
Whether BTC can build upward strength or will revisit lower support remains a key question for the market.
