Bitcoin is attempting to regain short-term bullish momentum after fluctuating below $104,500 and then rebounding above $106,000 in the past 24 hours. Technical indicators suggest a potential rally as the cryptocurrency approaches a critical formation known as the golden cross.
Crypto analyst Titan of Crypto shared on X that Bitcoin’s daily Ichimoku chart points to an imminent golden cross—a bullish signal where the short-term average surpasses the long-term average. This crossover, boosted by a recent daily close above the Tenkan line (conversion line), signals a possible long-term trend reversal.
Currently consolidating near $105,000, Bitcoin could target the key resistance around $111,600 if the golden cross confirms. However, ongoing geopolitical tensions, notably in the Middle East, may thwart this upside.
Despite the bullish technical setup, caution arises from other indicators. Analyst Ali Martinez highlights $104,124 as a critical support level clustered with large investor buy-ins. A drop below this level could lead to a rapid correction toward $97,405 due to thin buying support between these prices.
Adding to the uncertainty, on-chain data reveals that major Bitcoin holders—whales owning over 1,000 BTC—have been reducing their holdings since Bitcoin’s recent all-time high near $111,800 in May. The whale count decreased from 2,114 to 2,094 addresses recently, signaling potential selling pressure.
At the time of reporting, Bitcoin trades around $105,505 amid mixed signals from technical formations and market dynamics.