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Bitcoin forms a golden cross but signals have lagged historically
Crypto market capitalization rose 0.4% to $2.7T in the past 24 hours, while bitcoin remains below $80K after a rebound from a $77.6K dip.
Action Forex says crypto market capitalization rose 0.4% over the past 24 hours to $2.7T, with most tokens stuck in a narrow trading range for more than two weeks. Over the same period, Cosmos gained 18%, Polkadot rose 11%, and Zcash increased 10.5%, while Internet Computer fell 6.2%, Uniswap dropped 3.2%, and Litecoin declined 1.4%.
The outlet notes bitcoin is still below the $80K level after rebounding from a mid day dip on Tuesday to $77.6K. It also points to a technical development, saying the 50 day moving average crossed above the 200 day moving average on Tuesday, a so called golden cross.
However, Action Forex cautions that prior bitcoin golden cross signals have not always produced an immediate or meaningful move. It says the October 2024 and May 2025 crossover failed to deliver a significant signal, and argues the current setup is closer to 2019, when a golden cross was followed by a 90% rally in under two months.
Looking at broader drivers, the outlet says bitcoin has recently become more sensitive to concerns about the sustainability of US public finances, according to CoinShares. It adds that high interest rates are currently limiting that narrative, while citing recent trading and balance activity including Strategy keeping reserves at 845,050 BTC and buying $176.3 million of STRC preference shares, plus BitMine adding 28,086 ETH to its total.
Latest closeBitcoin $79,310.40 ▲1.1%|Ethereum $2,511.48 ▲1.1%