U.Today – One of the most anticipated technical indicators in the cryptocurrency market, a golden cross is getting closer and closer. It is common to interpret this pattern, where the 50-day moving average crosses above the 200-day moving average, as a bullish indication of a possible bullish momentum.
Traders and investors are keeping a close eye on this crossover, which could trigger the next big rally as Bitcoin is currently trading around $62,000. However, technical indicators alone are likely not enough to break through the $65,000 resistance. The psychological barrier at the $65,000 level has proven difficult for Bitcoin to overcome in recent attempts.
To overcome this hurdle, Bitcoin currently needs a new wave of enthusiasm and dynamism in the market. In line with the 100-day EMA, the next support level for Bitcoin lies at $60,500. When the price has tested this important stability level in recent market declines, it has provided support.
The $59,500 region, where buyers have regularly stepped in to support the price, would be the next downside target to watch if BTC fails to hold above this zone. While the approaching golden cross is a very bullish sign overall, an early breakout is not guaranteed. To push Bitcoin above the crucial $65,000 barrier, the market will still need external influences such as increased buying interest or encouraging macroeconomic news.
look up
As it continues to trade above the 50-day EMA, a crucial indicator of market strength, Ethereum (ETH) is showing signs of a sustained uptrend. ETH has maintained its upward momentum after breaking above this important moving average; at the time of writing, it is trading at approximately $2,646.
This development is encouraging for Ethereum’s performance as it suggests that the market may be on the cusp of turning bullish again. However, trading volume has been steadily declining, despite this technical success. This decline in volume could be a sign of declining purchasing power, which raises the question of how long this uptrend can last.
In the near future, Ethereum could struggle to move higher without the trading volume needed to support further expansion. A pullback to the $2600 level seems likely given the state of the market. Ethereum could also enter a period of consolidation or sideways trading as traders await a more significant push.
Ethereum would likely trade in the range of $2,400 to $2,650, which would create a tight range where the price action could settle before making its next significant move. For buyers to step in if the price pulls back further, the $2,500 level will serve as critical support during this phase. The asset will need a major volume push to break through and attempt a fresh bullish leg when Ethereum finds resistance at $2,700 on the upside.
Binance moves forward
Finally, a 65-day resistance level that had kept BNB within a tight range has been breached. After multiple attempts to break above it, BNB spiked above $600, marking a major psychological and technical turning point. While the breakout is encouraging, it appears that BNB lacks the momentum needed to extend this rally without retracing.
BNB has struggled to maintain the upward momentum needed to break the $610 barrier and is currently trading at around $602. When trading volume seems to stabilise after the initial surge, this level is the next resistance point and failure to break above it could result in a pullback. The next support level for BNB is around $585, which coincides with the 50-day EMA.
This level is crucial to preserve the bullish structure that has developed if BNB pulls back. A break below this level could signal a more extended correction, which could take BNB back to the $550-$560 region, where the 100-day EMA offers stronger support. Regardless, the breakout is still a good thing because it shows that BNB can overcome important resistance levels.
To continue higher, BNB will need a fresh wave of investor interest or a positive macroeconomic catalyst as the broader market is also starting to slow down. With the next major target placed around $650, traders should keep an eye on the $610 level as a sustained move above this resistance can pave the way for additional gains. Until then, the absence of momentum could keep BNB range-bound or trigger a minor pullback.
This article was originally published on U.Today
