Bitcoin price took the markets by surprise earlier, as it surged to $90K in one hour, showing how unpredictable the cryptocurrency domain can truly be. However, in a newly developing narrative, the price of Bitcoin is showing signs of recovery, as one analyst points out how Bitcoin’s price chart is showcasing its fifth golden cross. Will this bullish pattern help Bitcoin price recover its lost fortunes?
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Bitcoin Surged $3000 in One Hour: What Happened?
According to the latest update by the Kobeissi letter, Bitcoin recently surged to $3000 in an hour, only to collapse later, as BTC short liquidations continue to weigh on the asset. Per KL, nearly $200M worth of shorts were liquidated, which later on pushed BTC to trade back to its $86K level after touching $90K for a brief period of time.
“You can’t make this up. Bitcoin just surged +$3,000 in 1 hour and reclaimed $90,000 as $120 million worth of levered shorts were liquidated. Minutes later, $200 million worth of levered longs were liquidated, with Bitcoin now down to $86,000. That’s a $140 BILLION swing in market cap in under 2 hours. Leverage is out of control.”
The Buzz About The Fifth Golden Cross
According to Merljin, the trader on X, Bitcoin’s price chart is now showcasing a new pattern, flashing its 5th golden cross. This is a sign that always signals a new bullish path for Bitcoin, helping it recover its lost valuation in due time. Detailing it on X, Merljin, the trader, shared how this signal may help pump Bitcoin to new highs, taking it out of its current price slump.
“BITCOIN JUST FLASHED ANOTHER GOLDEN CROSS. 4 signals. 4 explosive pumps. Now the 5th is here… and no one believes it. The crowd is quiet. But the signal is loud. Breakout odds? Highest they’ve been in weeks.”
This pattern was simplified further by CryptosRUs on X as well. The expert shared how precious golden crosses were accompanied by massive pumps, helping BTC in stabilizing its price.
“BTC FLASHES FRESH GOLDEN CROSS. Bitcoin has just experienced its fifth “Golden Cross,” a technical signal historically followed by significant price rallies, even though market sentiment currently remains low and skeptical. 📈 Previous Golden Crosses were followed by strong price advances of 87%, 47%, 78%, and 33%. Historically, these crossover signals appeared early in cycles during times of hesitation and doubt, BEFORE widespread optimism returned. 🚀. Chart: Merlijn The Trader.”
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