Bitcoin Surges 3.1% to New All-Time High of $110,734

Bitcoin's price movement over the past 24 hours has been particularly noteworthy. After a period of consolidation within a tightening range, the market broke through the $105,503 support-turned-resistance zone earlier in the week, initiating a steep climb. This surge has propelled Bitcoin to new all-time high levels, with no signs of slowing down.

Technical analysis reveals that this rally coincides with the approach of a golden cross between the 50 and 200-day moving averages. However, FX_Professor offered a contrasting perspective on this widely celebrated golden cross. While many market commentators view the crossover of the 50-day simple moving average above the 200-day as a strong bullish signal, the analyst dismissed it as a delayed indicator, describing it as the afterparty where retail investors arrive late to the scene.

Instead of relying on the golden cross as a signal, FX_Professor highlighted pre-indicator pressure zones as the true indicators of value. In the context of Bitcoin's recent price action, the analyst identified the $74,394 and $79,000 region as the zone of accumulation and early positioning, well before the golden cross became visible. By the time the cross appeared, Bitcoin's price had already risen significantly.

The golden cross is frequently used by traders as a signal to enter a long position, suggesting that the asset's price is likely to continue rising. However, this analysis aligns with a trend among experienced traders who view the golden cross as more of a lagging confirmation than a trigger of a rally.

According to FX_Professor, indicators such as EMAs or SMAs can be useful but should never replace understanding the price structure, trendlines, and real-time pressure zones. He shared a snapshot of his own Bitcoin price chart that combines custom EMAs with a signature parallelogram method to detect where price tension begins to build. Visible on the chart are entries forming as early as April when Bitcoin bounced off support around $74,000, long before the crossover confirmation.

With Bitcoin pushing toward the next target zone near $113,000, the analyst’s strategy continues to validate itself in real time. Nonetheless, the confirmation of a golden cross is still bullish for Bitcoin’s price action moving forward, even if the price rally is already halfway to its peak level.

At the time of writing, Bitcoin is trading at $110,734. This marks a slight pullback from the new all-time high of $111,544, which was registered just three hours ago. The Bitcoin price is still up by 3.1% in the past 24 hours, and new all-time highs are possible before the weekly close.