The Bitcoin price exhibits a “golden cross,” a bullish indicator that appears when the 30-day moving average (DMA) surpasses the 365-DMA, indicating potential for an additional BTC rally.
The Bitcoin price has experienced substantial growth over the past week, increasing by 8-9% and currently trading at approximately $72,200. Additionally, the “Golden cross” formation on the charts indicates that BTC may soon reach new all-time highs.
The “Golden Cross” indicator for Bitcoin prices indicates a bullish momentum
The most recent data from CryptoQuant indicates that Bitcoin’s active addresses have undergone a significant change in momentum, as the 30DMA has surpassed the 365DMA, resulting in a “golden cross” historically associated with upward price momentum.
A “death cross” pattern had emerged that drove the Bitcoin price into bearish territory after Bitcoin’s last all-time high in March.
BTC has yet to surpass the March levels since that time. Nevertheless, the momentum appears to be shifting, as bulls are in position and the “Golden Cross” pattern has recently formed. Furthermore, the transaction counts are nearly double those of the 2021 cycle, emphasizing increased market activity.
Nevertheless, CryptoQuant analysts warn that the current trend of BTC may resemble the mid-2021 consolidation phase if the 30DMA does not surpass the 365DMA more significantly. This critical period is one that investors should closely monitor when evaluating long-term momentum.
Retail Participation in Bitcoin is on the rise
Strong retail and institutional participation was observed during the previous Bitcoin price rallies to all-time highs. Nevertheless, retail participation has been relatively low in the past few weeks, with institutional participants and whales being the primary drivers of price movement.
However, the most recent development indicates that retail participation is increasing again in the market. Additionally, on-chain data suggests that the retail demand for BTC has recently reached seven-month highs.
Bitcoin prices are experiencing new all-time highs in some areas, including Canada and Europe. Conversely, the institutional demand remains unabated.
On Wednesday, October 30, the second-highest inflows into a spot Bitcoin ETF were recorded, with BlackRock’s IBIT monopolizing the show. Within ten months of its debut, IBIT’s total inflows have exceeded $25 billion.
Conversely, MicroStrategy, the largest corporate holder of Bitcoin, disclosed its intention to acquire additional Bitcoins and raise $42 billion. This demonstrates that corporate interest in BTC remains unwavering. Michael Saylor’s Bitcoin adoption blueprint has been adopted by players worldwide, including Metaplanet. Conversely, Microsoft is contemplating a shareholder resolution to include BBTC in its balance sheet.
