Bitcoin (BTC) has continued its impressive climb, breaking through the $67,000 mark for the first time since April 23. This surge in price has sparked a market-wide rally, with the overall cryptocurrency market cap increasing by 3% to reach $2.42 trillion.
The recent bullish momentum in the cryptocurrency market comes as equities experienced a mixed finish for the week. While the S&P and Dow closed in the green, up by 0.12% and 0.34% respectively, the Nasdaq saw a slight decline of 0.07%. Despite this, both the S&P and Nasdaq have managed to close with their fourth consecutive winning week, a streak not seen since February. In a historic milestone, the Dow closed above 40,000 for the first time.
Analysts from Safe Digital Markets have noted the positive movement in Bitcoin's price, with the cryptocurrency surpassing $66,000 and rebounding from a brief dip below $65,000. The focus now is on Bitcoin staying above its 50-day moving average, which could potentially lead to continued upward momentum.
Institutional interest in Bitcoin has also been on the rise, with major players like Morgan Stanley disclosing substantial BTC ETF holdings. This week has seen significant inflows into spot Bitcoin exchange-traded funds (ETFs), with a streak of four consecutive days of inflows highlighting the positive performance of Bitcoin when ETFs register net inflows.
Analysts and traders are closely watching Bitcoin's moving averages, with market analyst Moustache indicating that a golden cross is imminent on the 12-hour chart. A golden cross is seen as a bullish indicator, occurring when a shorter-term moving average crosses above a longer-term one. The last golden cross in October preceded a rally that saw Bitcoin surge from sub-$30,000 to a new high near $74,000 over the following months.
Crypto analyst Kevin Svenson has also highlighted bullish signals in Bitcoin's price action, comparing the current scenario to a pattern seen in mid-March before Bitcoin rallied to a new all-time high. Svenson believes that Bitcoin is currently in the fourth stage of a parabolic curve pattern, suggesting that the cryptocurrency could potentially reach $90,000 in the near future.
Altcoins have also seen a positive end to the week, with only a limited number of tokens in the top 200 experiencing losses. DeFi projects like 0x Protocol (ZRX) and Biconomy (BICO) have seen significant gains, while some tokens like Beam (BEAM) and Notcoin (NOT) experienced small losses.
Overall, the cryptocurrency market continues to show signs of strength and resilience as Bitcoin's price climbs to new highs. With institutional interest growing and technical indicators pointing towards further gains, many in the crypto community remain optimistic about the future of digital assets. As Bitcoin approaches the $67,000 mark and a golden cross on the horizon, the crypto market is poised for continued growth and positive momentum.
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