Bitcoin surges to $67,000 as golden cross nears, crypto market cap rises 3%

(Kitco News) – Cryptocurrency prices trend higher to end the week as Bitcoin (BTC) surpassed $67,000 for the first time since April 23, sparking a market-wide rally that saw the total cryptocurrency market capitalization rise 3% to $2.42 trillion.

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

At the closing bell, the S&P and the Dow finished in the green, up 0.12% and 0.34% respectively, while the Nasdaq lost 0.07%. The S&P and the Nasdaq recorded their fourth consecutive week of gains, a streak not seen since February. The Dow Jones closed above 40,000 points for the first time in its history.

“Bitcoin topped $66,000 early Friday, recovering from Thursday’s fall below $65,000,” analysts at Secure Digital Markets said. “The price started to pull back precisely at our resistance target of $67,500. As long as Bitcoin remains above its 50-day moving average, we expect the bullish momentum to continue.

BTC/USD Chart by TradingView

“This week notably saw significant institutional interest, with major players disclosing significant BTC ETF holdings,” they added. “For example, Morgan Stanley yesterday announced a $269.9 million investment in Grayscale’s GBTC.”

Bullish signs 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 exceeds a longer-term equivalent. The last time this crossover occurred was in October, just before Bitcoin rose from below $30,000 to a new high near $74,000 over the next four months.

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

According to Eric Balchunas, senior ETF analyst at Bloomberg, recent inflows have brought total assets under management 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 life of ETFs,” Balchunas said, adding that he believes “they will generate positive long-term results.” The flow [amounts] on either side are small relative to assets under management, maybe 1-2%, so it’s never SO GONE or SO BACK if you think about it.

Crypto analyst and trader Kevin Svenson said that Bitcoin (BTC) emits bullish signals similar to those observed in mid-March, just before reaching a new all-time high.

“We are coming out of an inverted bottom pattern,” he said. said, referring to the appearance of an inverted head and shoulders pattern on the Bitcoin chart. “So, I would say it’s definitely bullish…Bitcoin is also above the Relative Strength Index (RSI) downtrend line on the daily chart. And this is just a signal for further upside.

“This is no different than this area in early 2024, when we had sideways consolidation, downsloping resistance on the RSI, and we broke out, leading us to new all-time highs,” he said. -he noted. “Bitcoin is once again playing the exact same scenario, which will likely lead us to new all-time highs.”

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

“This is the manual target of $90,000; that’s not the goal of the peak cycle,” he said. “I think in this bull cycle, given that the halving just happened, we could exceed $90,000. But we may need to calm down before that.

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

Altcoins end the week strong

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

Daily performance of the cryptocurrency market. Source: Coin360

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

The global market capitalization of cryptocurrencies now stands at $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 for informational purposes only. This is not a solicitation to trade any commodities, 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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