Bitcoin is on the verge of a significant technical crossover on its 4-hour chart, which may serve as a signal for future price movement.
Current Situation on Bitcoin's Chart
On the 4-hour chart, Bitcoin is showing strong movement. The short-term moving average, shown in green, has been steadily rising towards the red 200-period line. The gap between them is getting smaller, which could lead to their crossover in the coming hours.
What Golden Cross Means
The crossover of moving averages, known as a golden cross, is seen as a signal of potential upward trend. While it does not guarantee price increase, it may indicate that buying pressure is starting to outweigh selling pressure.
Forecasts for the Coming Days
If Bitcoin can hold above the $117,500–$118,000 range over the weekend, it may lead to testing the $119,000 and $120,000 levels at the start of next week. The technical support forming around $116,400 could provide an opportunity for further growth in case of a pullback.
In the next 48 hours, it will be important to observe the market to determine whether it can use the current moment as a launchpad for a more significant rise in the new month.
