A technical signal absent since 2023 on bitcoin has just reappeared. This on-chain crossover, closely monitored by analysts, preceded the last major bullish phases of BTC. While the market is trying to regain positive momentum, this return of the golden cross revives speculation about a possible change in trend. Investors are now scrutinizing the next key levels for bitcoin in a climate of optimism and caution.
In brief
- Bitcoin has just triggered a technical signal not seen since 2023, an indicator historically associated with previous BTC bullish rallies.
- CryptoQuant analysts believe that this “golden cross” could mark a reversal of the trend after several weeks of uncertainty in the market.
- Investors are now monitoring major technical levels, particularly around $82,500, considered decisive for the continuation of the movement.
- Market data also shows a gradual return of spot buyers, a sign of renewed interest in bitcoin despite a still tense macroeconomic environment.
A golden cross revives memories of the 2023 rally
While optimism returns once again to the crypto market, bitcoin has just printed a new golden cross on the MVRV ratio, an on-chain indicator comparing the market value of BTC to its realized value. According to data relayed by CryptoQuant, this crossover between the short moving average and the 200-day moving average appears for the first time since 2023.
The CW8900 analyst considers “this signal as representative of a trend reversal and a bullish indicator”. Thus, it attracts the attention of investors, because previous occurrences had preceded strong bullish impulses in the bitcoin market.
Here is some key elements :
- The previous similar signal observed at the start of 2023 preceded a rise of around 90% in bitcoin;
- Another comparable configuration accompanied the recovery that led BTC to the peaks of the current cycle;
- The market is now monitoring the $82,500 zone, corresponding to the 200-day moving average;
- Analysts consider this threshold as a key technical level to confirm bullish momentum;
- On-chain data shows a gradual return of investor confidence after several weeks of consolidation.
The return of spot buyers fuels upward pressure on bitcoin
Beyond the technical signal, several market metrics show renewed buyer activity. Spot Taker CVD data indicates a resumption of aggressive spot buying, a behavior often associated with a return of investor confidence. At the same time, the average acquisition cost of short-term bitcoin holders continues to increase. This is a sign that recent entrants are willing to buy bitcoin at higher levels than before. Such dynamics nourish the idea of a market gradually rebuilt around more solid demand.
Analysts are now monitoring several areas that could serve as the next major resistances, including around $92,000 and $104,000. Despite this optimism, some operators remain cautious in the face of the still unstable macroeconomic and geopolitical context. Financial markets remain sensitive to US monetary policy announcements as well as international tensions, two factors capable of causing volatility in risky assets like bitcoin.
The return of a signal historically associated with the beginnings of bullish rallies places the main crypto at the center of crypto market anticipations. However, nothing guarantees an immediate acceleration in the price of bitcoin. The reaction of BTC around current technical levels could determine whether this golden cross really marks the opening of a new bullish phase or whether it is a simple rebound in a still fragile environment.
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