Bitcoin struggles to maintain upward momentum despite printing a golden cross, a chart pattern often seen as bullish. The cryptocurrency recently climbed toward the $96,000 level but has since retreated slightly to $95,484 with no significant follow-through.
When the 50-day moving average crosses above the 200-day moving average, the golden cross typically signals a longer-term bullish trend. The anticipated market demand increase failed to appear in this case. The Bitcoin market has become reluctant to move, and volume has decreased since its early April breakthrough.
Currently, the Relative Strength Index stands at 64, suggesting Bitcoin could move to overbought territory unless it strengthens beyond its current position. Bitcoin successfully retook its key exponential moving averages at 50, 100, and 200 days, but institutional buying remains restricted, restricting upward price movements.
Source: Tradingview
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Support Holds But Traders Eye Breakout or Breakdown
ETF inflows, which contributed to Bitcoin’s rally earlier this month, have started to subside. Broader market sentiment remains cautious due to ongoing macroeconomic uncertainty. As a result, the asset’s bullish structure is now facing pressure from weak volume and risk-off investor behavior.
Technical analysts actively track the $91,000 to $90,000 support area. A price fall beneath this zone would negate the ascending trend and potentially create deeper market losses. If Bitcoin successfully breaks out above $97,000 with substantial trading volume, the future looks brighter for a bullish rally.
Traders expect fresh market triggers to drive Bitcoin prices between $91,000 and $96,000 before any significant movement happens. The gold cross indicator cannot trigger a sustained price breakthrough when market sentiment stays neutral and institutional buying fails to materialize.
Despite the appearance of a bullish golden cross, Bitcoin has failed to generate strong momentum or attract volume support. The market now focuses on essential support and resistance zones as Bitcoin remains under $96,000.
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