Bitcoin and Gold Cross Paths Aiming for AllTime High

Coin World Report:
It is expected that the Federal Reserve will continue to cut interest rates at the FOMC meeting in November.
By BitpushNews
Financial markets experienced significant volatility on Thursday, but overall performance was positive. The US dollar index and the yield on the US 10-year Treasury bond fell, opening the door for capital inflows into risk assets.
The latest employment data from the US Department of Labor shows that the number of initial jobless claims last week fell to 227,000, revised up from 242,000 the previous week, while the number of unemployed reached a three-year high. Market observers believe that these data indicate that the Federal Reserve will continue to cut interest rates at the FOMC meeting in November. The CME FedWatch tool currently shows a 96% probability of a 25 basis points rate cut in November, higher than last week’s 88%.
At the close of the day, the S&P 500 index and the Nasdaq index both rose, up 0.21% and 0.76% respectively, while the Dow Jones index fell 0.33%.
In the cryptocurrency market, according to Bitpush data, Bitcoin broke through the $68,000 resistance level after noon, with bulls gathering strength to hit $69,000. At the time of writing, the trading price of Bitcoin was $68,154, with a 24-hour increase of 2.55%.


The top 200 altcoins by market capitalization all saw gains. Safe (SAFE) had the largest increase, rising by 44%, followed by cat in a dogs world (MEW) with a 24% increase, and Ravencoin (RVN) with a 17.3% increase. ZetaChain (ZETA) was the biggest decliner, with a 5.7% decrease, followed by ApeCoin (APE) with a 5.1% decrease, and BinaryX (BNX) with a 2.7% decrease.
The total market capitalization of cryptocurrencies is currently $2.33 trillion, with Bitcoin’s market dominance at 57.8%.
Golden cross potential ignites Bitcoin bulls
Technical analysts pointed out that a golden cross is about to appear on the Bitcoin trend chart, where a shorter-term moving average (MA), such as the 50-day moving average (50MA), crosses above a longer-term moving average, such as the 200MA. This technical indicator usually indicates an increase in bullish momentum and optimistic market sentiment.
As shown in the chart provided by user Elija, the previous golden cross appeared in November 2023, when the trading price of BTC was around $33,000. After the golden cross appeared, Bitcoin rose all the way and reached a new high of around $74,000 in March this year.


Charts tracked by TradingView analyst TradingShot show: “Bitcoin is in front of a major bullish formation and is most likely to form a golden cross on the 1D timeframe next Monday. This is the first such formation since October 29, 2023, as previously analyzed, it is not a coincidence that a new 1D golden cross appears a year later, as seasonal and long-term cycles play a key role in BTC.”
This analyst believes that Bitcoin has recently shown strong bullish signals. Last week, the price of Bitcoin successfully broke through the upper track of a long-term downtrend channel and made an effective pullback confirmation in the near term. This indicates that the bullish momentum is gradually strengthening, and if this retest is established, it will be the best short-term signal for a new high.
More importantly, since 2005, the price of Bitcoin has been in a sustained uptrend, continuously setting new historical highs. This long-term upward trend provides a solid foundation for the current upward trend.
Combined with the recent appearance of a 1-day golden cross, market sentiment for Bitcoin’s bullishness is further heating up. TradingShot believes that Bitcoin is expected to challenge the historical high of $73,800, and may even achieve this goal before the upcoming election day.