Bitcoin and Gold Cross Paths Aiming for New Historical High

Coinworld.com reports:
Market expects the Federal Reserve to continue cutting interest rates at the November FOMC meeting.
By BitpushNews
The financial markets experienced significant volatility on Thursday, but overall performance was positive. The US dollar index and the yield on US 10-year treasuries fell, opening the door for funds to flow into risk assets.
The latest employment data from the US Department of Labor shows that the number of initial jobless claims last week dropped to 227,000, revised up from 242,000 the previous week, while the number of unemployed individuals reached a three-year high. Market observers believe that these data indicate that the Federal Reserve will continue cutting interest rates at the November FOMC meeting. The CME FedWatch tool currently shows a 96% probability of a 25 basis point rate cut in November, up from 88% last week.
At the close of the day, the S&P 500 index and the Nasdaq index both rose, with increases of 0.21% and 0.76% respectively, while the Dow Jones index fell by 0.33%.
In the cryptocurrency market, according to Bitpush data, Bitcoin broke through the $68,000 resistance level after noon and bulls are gathering strength to challenge $69,000. As of the time of writing, Bitcoin’s trading price is $68,154, with a 24-hour increase of 2.55%.


The top 200 altcoins by market capitalization saw a general rise. Safe (SAFE) had the largest increase, rising by 44%, followed by cat in a dogs world (MEW) with a 24% increase, and Ravencoin (RVN) with a 17.3% increase. ZetaChain (ZETA) fell the most, with a 5.7% decrease, followed by ApeCoin (APE) with a 5.1% decrease, and BinaryX (BNX) with a 2.7% decrease.
The total market capitalization of cryptocurrencies is currently $2.33 trillion, with Bitcoin’s market dominance at 57.8%.
Golden cross potential ignites Bitcoin bulls
Technical analysts point out that a golden cross is about to appear on the Bitcoin trend chart, where a shorter-term moving average (MA), such as the 50-day moving average (50MA), crosses above a longer-term moving average, such as the 200MA. This technical indicator typically indicates an increase in bullish momentum and optimistic market sentiment.
As shown in the chart provided by user Elija, the last golden cross appeared in November 2023, when the BTC trading price was around $33,000. After the golden cross appeared, Bitcoin continued to rise and reached a historic high of around $74,000 in March this year.


The chart tracked by TradingView analyst TradingShot shows, “Bitcoin is currently in front of a major bullish formation, most likely to form a golden cross on the 1D time frame next Monday. This is the first time this has happened since October 29, 2023. As previously analyzed, it is not a coincidence that a new 1D golden cross appears one year later, as seasonal and long-term cycles play a key role for BTC.”
This analyst believes that Bitcoin has recently shown strong bullish signals. Last week, the price of Bitcoin successfully broke above the upper track of a long-term downtrend channel and underwent a valid pullback confirmation in the near term. This indicates that bullish momentum is gradually strengthening, and if this retest is successful, it would be the best short-term signal for a new high.
Moreover, Bitcoin’s price has been in a continuous upward channel since 2005, constantly setting new all-time highs. This long-term uptrend provides a solid foundation for the current upward trend.
Combined with the recent appearance of the 1-day golden cross, market sentiment for Bitcoin’s bullishness is further heating up. TradingShot believes that Bitcoin is likely to challenge its all-time high of $73,800, and may even achieve this target before the upcoming election day.