Crypto Markets Consolidate Around $79K as Golden Cross Forms
Crypto markets have been experiencing a period of consolidation, trading within a narrow range around $79K. This price point is not far off from May's highs, and as such, Bitcoin has formed a golden cross on TradingView and FxPro. A golden cross occurs when the 50-day moving average rises above the 200-day moving average, with the price sitting above this crossover.
The dollar's recent weakening and heightened anxiety in equities and bonds have not been enough to break through this resistance level. In fact, it is worth noting that April 2025 saw support at roughly these levels. This indicates a possible continuation of the bull trend.
However, trading volumes on the largest exchanges remain low, at just 30% of their October 2023 peak. According to CryptoQuant, this level of activity suggests it may still be too early to speak of a new bull cycle.