Bitcoin’s ($BTC )Golden Cross Meets Bearish Signal: A Support Test Ahead?
A Bullish Cross, But Caution Looms
Bitcoin recently witnessed a Golden Cross on its daily chart—where the 21-day Simple Moving Average (SMA) crossed above the 50-day SMA. Typically a bullish indicator, this event occurred on April 22, 2025, suggesting upward momentum. However, a new Trend Precognition signal from Material Indicators points toward a looming support test, signaling potential short-term weakness.
Can Bitcoin Hold the Line?
As of April 24, BTC was trading at $87,345, down 2% from the previous day. Analysts warn that unless Bitcoin surges past $95,000, the bearish signal could play out, putting current support levels at risk.
On-Chain and Technical Insights
RSI at 68 suggests Bitcoin is nearing overbought territory.
MACD shows a bearish crossover, hinting at a downtrend.
Bollinger Bands indicate increased volatility, with BTC hugging the upper band.
MVRV ratio stands at 3.2, hinting at overvaluation.
Hash rate declined slightly to 320 EH/s, potentially signaling miner caution.
Puell Multiple at 4.2 shows healthy miner revenues, possibly influencing sell pressure.
Market Activity and Sentiment
Daily trading volume rose to $38.2B, showing high investor interest.
Active BTC addresses dropped slightly to 980K, reflecting cautious sentiment.
AI-driven trading volume increased 9%, now making up 12% of BTC activity.
BTC remains strongly correlated with ETH (0.85) and moderately with AI tokens like AGIX and FET.
What’s Next?
Despite bullish undercurrents, the market faces a test of resilience. If BTC fails to break higher, a short-term dip could follow. Meanwhile, AI-driven trends and macro shifts continue to shape the evolving crypto landscape.
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