Bitcoin Hits Rare Bullish Combo: Golden Cross and Strong Support

Bitcoin's Bullish Signals

Bitcoin has triggered a rare combination of bullish signals, catching the attention of traders. This week, the cryptocurrency formed a "bull run combo" on its chart, featuring a golden cross on the daily time frame and a strong bounce off a critical support level at $95,488.

Golden Cross and Support Bounce

The golden cross occurred as the 23-day moving average crossed above the 200-day moving average, a classic bullish pattern indicating a shift in long-term momentum. This crossover, while not a guaranteed indicator of future success, is widely followed by momentum traders.

Additionally, Bitcoin's price tested and held the $95,488 support level, suggesting buyers are actively defending this range. This level has proven to be a solid foundation for BTC, reinforcing its bullish structure.

Current Price Action

As of May 4, Bitcoin is trading just below $95,500, with some hesitation around the $96,000 mark. Despite this, the overall trend remains bullish, with BTC trading well above the breakout zone near $94,200.

Key Support Levels

Several support levels remain in place, including $91,000, $90,288, and $89,738. These zones could provide stability during any consolidation phases without disrupting the broader bullish outlook.

Outlook

The combination of long-term and short-term strength suggests Bitcoin has a solid technical foundation. While the short-term price action could lead to either a fresh breakout or sideways movement, the current setup is decidedly bullish and warrants attention from traders and investors.