Bitcoin Rises to $67K as Golden Cross Approaches, Crypto Market Cap Rises 3%

(Kitco News) – Cryptocurrency prices showed an upward trend at the end of the week with Bitcoin (Bitcoin) peaked above $67,000 for the first time since April 23, triggering a market-wide recovery that saw the total cryptocurrency market value rise 3% to $2.42 trillion.

Stocks ended the week mixed after all three major indexes reached new highs in previous sessions, as Wall Street paused its voracious buying to reassess the odds of seeing a rate cut by September.

At the close, the S&P and Dow ended in the green, up 0.12% and 0.34%, respectively, while the Nasdaq lost 0.07%. Both the S&P and Nasdaq posted their fourth consecutive week of wins, a streak not seen since February. The Dow closed above 40,000 for the first time in history.

“Bitcoin surpassed $66,000 on Friday, recovering from Thursday’s drop below $65,000,” said analysts at Secure Digital Markets. “The price started to pull back precisely at our $67,500 resistance target. As long as Bitcoin remains above its 50-day moving average, we anticipate continued upward momentum.”

BTC/USD Chart by TradingView

“Notably, this week there has been significant institutional interest, with major players disclosing substantial BTC ETF holdings,” they added. “For example, Morgan Stanley yesterday reported a $269.9 million investment in Grayscale’s GBTC.”

Bullish signals emerge

Market analyst Mustache also highlighted Bitcoin’s moving averages, noting that a golden cross is “imminent” on the 12-hour chart.

A golden cross occurs when a short-term moving average crosses above a long-term equivalent. The last time this crossover occurred was in October, just before Bitcoin rose from under $30,000 to a new high near $74,000 over the next four months.

Data provided by Farside show that the streak of inflows into Bitcoin exchange-traded funds (ETFs) extended to four days on Thursday, highlighting that Bitcoin’s price generally performs well when ETFs record net inflows.

According to Eric Balchunas, senior ETF analyst at Bloomberg, the recent inflows have brought total assets under management back to $12.3 billion since launch, which he called a “key number.”

The last two [months] show why [it’s] It’s best not to get emotional about the inflows and outflows that are part of the ETF’s life,” Balchunas said, adding that he thinks “they will bring positive results in the long run.” The flow [amounts] on both sides are small relative to AUM, maybe 1-2%, so it never goes away or comes back if you think about it.

Crypto analyst and trader Kevin Svenson said that Bitcoin (Bitcoin) is giving off bullish signals similar to what was seen in mid-March, just before reaching a new all-time high.

“We are breaking out of a bottoming reversal pattern,” he he said, referring to the appearance of an inverse head and shoulders pattern on the Bitcoin chart. “So this is really bullish, I would say… Bitcoin is also above the downtrend line of the Relative Strength Index (RSI) on the daily chart. And this is just a sign for continued upside.”

“It’s not unlike this zone in early 2024, when we had a sideways consolidation, downward resistance on the RSI, and we broke out, taking us to new all-time highs,” he noted. “Bitcoin is once again facing exactly the same scenario, likely taking us to new highs.”

Svenson suggested that Bitcoin is in the fourth stage of a parabolic curve pattern that could peak at $90,000.

“This is the classic $90,000 goal; this is not the peak cycle target,” he said. “I think in this bull cycle, considering the halving just happened, we could go beyond $90,000. But we might have to calm down before then.”

“So this could mean that Bitcoin will reach our parabolic trend target of $90,000 before seeing a collapse of this trend with a sideways consolidation,” he concluded. “And then one more push upward, creating a larger, more expansive parabolic trend.”

Altcoins end the week strong

Altcoins ended the week on a positive note, with just a dozen tokens in the top 200 in the red on Friday, and none losing more than 3%.

Daily cryptocurrency market performance. Source: Coin360

DeFi project 0x Protocol (ZRX) led the field with a 16.6% rise, followed by a 16.5% gain for Biconomy (BICO) and a 13.6% climb for Gnosis (GNO). Beam (BEAM) was the biggest loser, falling 2.9%, while Notcoin (NOT) fell 2.1% and Core (CORE) lost 2%.

The total cryptocurrency market value is now $2.42 trillion and Bitcoin’s dominance rate is 54.4%.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a request to carry out any exchange of goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and/or damage arising from the use of this publication.

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