Bitcoin News Today: Bitcoin nears golden cross as price surges 1.7% above key support toward $120,000

Bitcoin is on the verge of a golden cross on its 4-hour chart, a technical signal widely associated with bullish momentum in trading circles. The 23-period moving average is closing in on the 200-period moving average, a development that could confirm a strengthening of buying pressure in the near term. This convergence has drawn attention from traders and analysts, who are monitoring whether it will translate into a sustained upward move [1].

Recent price action has reinforced the case for optimism. Over the past few days, Bitcoin surged from $116,600 to nearly $118,600, breaking through a week-long resistance zone and consolidating above the critical $117,500–$118,000 range [1]. Maintaining this level is seen as essential to triggering a golden cross, which could serve as a catalyst for a push toward $119,000 and $120,000—key psychological and technical targets ahead of Bitcoin’s all-time high.

Support is forming near $116,400, a level that could provide a buffer in the event of a short-term pullback. Given the typically lower liquidity during the weekend, even minor retracements could result in sharper rebounds from this zone. Traders are watching whether Bitcoin can hold above this support to reinforce the bullish case for the coming week [1].

According to analysts, a successful golden cross and sustained movement above key resistance could lead to a broader upward trend. If Bitcoin remains above $116,000, the path toward $120,000 becomes more plausible, with the potential to test all-time highs shortly after the July 14 peak [1]. However, a close below $116,000 could trigger a retest of the 50-day EMA at $113,422, signaling a temporary loss of momentum.

The broader cryptocurrency market has also experienced a rally, with Ethereum, Ripple, and Dogecoin reaching multi-month highs. Ethereum, in particular, has crossed above $4,000 for the first time in eight months, driven by increased adoption by public companies as a treasury asset. Ripple has climbed to $3.38, bolstered by expectations of regulatory clarity and expanding blockchain use in cross-border payments [1]. Dogecoin has also shown strength, hovering near $0.233 amid whale accumulation and merchant adoption trials.

The recent positive momentum in Bitcoin is also being attributed to regulatory and institutional developments. An executive order by U.S. President Donald Trump allowing cryptocurrencies in 401(k) investment plans has improved market sentiment, contributing to Bitcoin breaking above $116,000 and showing strength across multiple timeframes. This regulatory shift has added to the bullish narrative, with analysts noting that it strengthens the case for sustained buying pressure [1].

Technical indicators such as the RSI and Stochastic Oscillator also point to a bullish phase, with positive crossovers in key exponential moving averages (MA 10, MA 20, and MA 50) reinforcing the buy signal. Resistance levels are currently clustered around $9345 and $124,779.9921, with the latter near the $120,000 psychological threshold [1]. The ability to hold above $116,000 will be crucial in determining whether Bitcoin can maintain its upward trajectory.

Analysts are closely watching for confirmation that Bitcoin can sustain its position above key support and resistance levels. Some forecasts suggest that if the golden cross is confirmed, Bitcoin could move toward $120,000 within the week. However, these are speculative projections, and actual outcomes will depend on market behavior and broader macroeconomic conditions [1].

In summary, Bitcoin is navigating a pivotal technical moment, with a potential golden cross and strong support levels indicating a favorable environment for further gains. While regulatory and institutional tailwinds are reinforcing the bullish case, traders are advised to remain vigilant regarding key resistance and support levels, particularly as the market enters a new week with potentially higher volatility.

Source:

[1] https://www.capitalstreetfx.com/en/technicalanalysis/crypto-market-rallies-on-trump-401-crypto-plan/

[2] https://www.tradingview.com/symbols/CME-BFB1%21/ideas/page-2/?contract=BFB05U2025

[3] https://en.coinotag.com/bitcoin-approaches-golden-cross-as-price-holds-above-key-support-eyeing-potential-move-toward-120k/