Bitcoin appears to be just 24 to 48 hours away from triggering a golden cross, one of the most potent technical signals in trading. Bitcoin has been consolidating following its dramatic breakout above $90,000. It is currently trading at about $94,900. Price action is flattening just below important resistance levels, but the momentum has not diminished entirely.

Despite Bitcoin breaking well above the 100 EMA, which is unusual this far into a rally, the 100 EMA is still above the 50 EMA at $88,837, which is just a little above the current price. The crucial part is that the 50-day EMA (currently around $88,395) is nearly in line with the 100-day EMA. Since Bitcoin is continuing to hold steady at high levels, the cross is almost certain to occur in the next two to three trading sessions. 

BTC/USDT Chart by TradingView

An official golden cross, a traditional medium-to-long-term bullish confirmation occurs when the 50 EMA crosses above the 100 EMA. This is a significant issue from the perspective of market psychology. Both swing traders and institutions keep a close eye on golden crosses, which often leads to a resurgence of momentum as confidence rises. Bitcoin has space to rise without becoming overextended as long as volume remains steady and the RSI remains close to 67. 

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Nonetheless some hesitancy is indicated by consolidation below the 100 EMA. The price must remain above $90,000 in order to maintain the golden cross scenario. This setup would be under pressure from a deeper retrace toward $88,000, which could weaken or delay the signal. Looking ahead, the psychological milestone of $100,000 and $98,000 are the next resistance levels if the golden cross is completed and Bitcoin stays strong above $95,000. 

A push to six figures is not out of the question in the upcoming weeks if buyers intervene after the cross. In conclusion, a significant technical confirmation for Bitcoin is just a few inches away. Should the golden cross materialize as anticipated, this market may be preparing for a new leg higher.

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