Bitcoin Surpasses $80K, 'Golden Cross' Suggests $100K Target

The price of Bitcoin (BTC) has been on the rise, reaching $80,000 and marking its first 'golden cross' in over six months. This phenomenon occurs when a short-term moving average surpasses a long-term one, often indicating bullish momentum.

According to Zhitong Finance, this 'golden cross' has sparked significant interest, with $3.8 billion flowing into Bitcoin ETFs. Historical patterns suggest that this could lead to a price target of $100,000 by the end of the year.

Despite volatility in macroeconomic data, the market has seen support from ETF inflows and strategic shifts by mining companies. Two Prime CEO Bloom attributed the recent price increase to short covering, which leaves room for further rebound. However, losses in institutional volatility trading have forced liquidations, providing momentum for Bitcoin's rebound.