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Bitcoin Golden Cross Incoming, But Tensions Threaten Breakout
- Bitcoin is attempting to regain bullish momentum, trading above $106,000 in the past 24 hours.
- Technical analysis indicates a potential golden cross formation in the coming days, a bullish signal.
- The golden cross involves the shorter-term average overtaking the longer-term one, signaling a long-term bullish shift.
- Bitcoin's price action consolidates near $105,000, but a successful golden cross could lead to a rally towards $111,600.
- Geopolitical tensions, especially in the Middle East, pose a threat to Bitcoin's bullish outlook.
- Analyst Ali Martinez identifies $104,124 as a crucial support level for Bitcoin, with potential downside risk to $97,405.
- Large Bitcoin holders, with over 1,000 BTC, have been reducing their holdings recently, potentially impacting market dynamics.
- Whale addresses holding over 1,000 BTC have decreased from 2,114 to 2,094 addresses in recent days.
- The URPD chart suggests a thin safety net between $104,000 and $97,000, indicating a swift correction if $104,000 support is breached.
- Bitcoin's recent price action and technical signals indicate a mix of bullish and bearish factors, leading to uncertainty in the market.
- At the time of writing, Bitcoin is trading at $105,505.
- Featured image from Unsplash, chart from TradingView.
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