The “golden cross” pattern on the daily chart hints that the uptrend will achieve something more than just a climb to $48,000.
Earlier this week, the bulls were struggling to find support at $40,000. A few weeks earlier, the largest cryptocurrency had corrected from highs close to $49,000, bolstered by volatility in the global stock market.
When a recovery begins, investors line up to open new positions. Speculation will inevitably increase when prices reach between $48,000 and $50,000.
Ethereum has also seen significant gains in the past 24 hours and is trading just above $3,000.
Other successful altcoins include XRP, which added 10%, Solana, which gained 18%, and Polkadot, which is up 14%.
Support at the $40,000 level is a strong demand zone, highlighted by the green bar on the chart. It was backed by the 100-day simple moving average (SMA), which played a vital role in the continued rise.
The largest cryptocurrency is trading at $43,313, experiencing a rebound from $44,000. A daily close above this immediate barrier would confirm another breakout above $45,000.
Investors should be aware of barriers that could challenge a move into the supply zone marked in red, near $48,000. If selling pressure increases significantly, the uptrend will slow or stop altogether.
It is important to realize the 50-day SMA, which recently crossed the 200-day SMA, forming a golden cross pattern. Many prominent analysts see this index as a formidable chart pattern that can reinforce the uptrend and mark the beginning of a bullish run.
The last time a golden cross was formed was in May 2020.
Its emergence was a turning point and led to an incredible rise to a new record high of about $64,000.