Bitcoin Golden Cross Signals Bullish Trend Reversal as XRP and Solana Face Critical Levels

Bitcoin's Golden Cross Hints at Bullish Trend Reversal

Bitcoin has formed a golden cross on its daily chart, a bullish signal indicating a potential long-term trend reversal. Currently trading above all major moving averages, Bitcoin has regained significant ground lost during the February-March downturn. The golden cross suggests underlying strength and a shift in trend, though it doesn't guarantee immediate price spikes.

The current price range near the early 2025 breakdown point may act as structural and psychological resistance. A short-term pullback is increasingly likely as Bitcoin consolidates after a strong rally, with the RSI nearing overbought territory at 69. However, strong institutional demand, highlighted by $422 million in net inflows into Bitcoin spot ETFs (led by BlackRock's IBIT with $351 million), signals robust investor appetite and could provide a floor for prices.

Consolidation between $94,000 and $97,000 could reset the RSI, shake out weaker positions, and set the stage for a potential breakout above $100,000. While the macro trend is turning bullish, short-term caution is advised.

XRP Approaches Volatility Pinch Point

XRP is nearing a critical juncture, sandwiched between an ascending support trendline and a descending resistance line. Priced at $2.19, XRP is at the tip of a converging wedge, a setup often preceding a strong breakout or breakdown.

Declining volume as XRP approaches the top of this structure is typical for such patterns. With the RSI at 52 and EMAs clustered around key levels, the market is indecisive. A breakout above the descending resistance at $2.23 on strong volume could target the $2.70-$3.00 zone, signaling a bullish continuation. Conversely, a rejection could lead to a pullback toward $1.98, testing the 200-day EMA and shaking out weaker hands.

Solana Shows Early Signs of Bearish Reversal

Solana's price action is forming a potential double-top pattern, a bearish signal often preceding trend reversals. Currently trading at $148, SOL is struggling to break above the $150-$152 resistance zone, which aligns with its previous local high. Failure to surpass this level on the second attempt could confirm a reversal.

The convergence of overhead resistance, including the 100-day and 200-day EMAs, further supports this bearish outlook. After a strong rally from April lows near $115, the price is showing signs of exhaustion, with momentum cooling as the RSI approaches 60 and volume tapering off near resistance.

If SOL fails to hold above the $140 support level (the neckline of the double-top), a sharp decline toward the 50-day EMA near $132 is possible. A confirmed breakdown below this level could lead to deeper retracements, potentially as low as $110-$120. Investors should monitor this setup closely, as Solana appears vulnerable to a short-term correction despite the broader market's resilience. Conservative traders may consider derisking or waiting for a confirmed breakout above $152 before reentering.