Traditional markets are showing the first signs of a trend reversal after the S&P 500 index created a golden cross - a signal often seen by traders. is a bullish indicator, signaling that the market movement will turn bullish. Bitcoin price has historically correlated with the S&P 500 trend for much of last year and early this year.

Analysts believe that the golden cross signal that occurred late last week on the S&P 500 could confirm the start of a long-term bull market.

Bitcoin waits for the signal of the golden cross

The market-leading cryptocurrency is poised to form a golden cross, with its short-term 50-day Simple Moving Average (SMA) crossing above its long-term moving average. – 200-day SMA. While this can often indicate a bullish breakout, the golden cross is a lagging indicator, which can also just confirm events that have already occurred in the market.

Investors should also note that the last time the golden cross appeared on Bitcoin's chart, BTC rose about 45% and reached an all-time high of $69,000 in November 2021.

Institutional investor interest in cryptocurrencies has also increased, as digital asset investment products recorded $117 million in inflows last week, the highest amount yet. recorded since July 2022. Bitcoin is an investor favorite, with $116 million inflows last week. The crypto market has also seen average weekly volume increase by 11%.

According to analysts, Bitcoin may be starting a new cyclical bull market, as profitable BTC addresses have increased from 50% to 70%. Bitcoin's fear and greed index also shows a change in market sentiment, and is currently within the measure of greed.

The $24,000 level currently continues to play a role in BTC's upstream trend after three failed attempts to surpass this level last week.

If the bullish story fails to stimulate investor enthusiasm, Bitcoin could retest the nearest support level found at $22,791, where the 21-day SMA and the 61-day Fibonacci retracement coincide. ,8%.

Key resistance levels to note:

$23,451 - 78.6% Fibonacci Retracement

$24.287 - local high

Key support levels to note:

$22,791 – 61.8% Fibonacci retracement and 21-day SMA

$22,281 - January 22 low

$21,873 - 38.2% Fibonacci Retracement

Ethereum surpassed the $1,700 mark

Ethereum recently broke above $1,700, a level not seen since September 2022. However, the bullish momentum was short-lived as traders responded by taking profits at a higher rate. Highest profitable transaction recorded in two years.

The second largest cryptocurrency by market capitalization continues to fluctuate between $1,640 and $1,680. Analysts believe that only when it breaks out of this range will Ethereum aim for bigger milestones.

Key resistance levels to note:

$1,671 - 78.6% Fibonacci Retracement

$1,717 – High recorded on February 2

Key support levels to note:

$1,600 - low of February 5

$1,583 - 38.2% Fibonacci Retracement

$1,551 - Fibonacci Retracement  23.6%

BNB creates new peak

Following a new multi-month high reached on January 24 at $324. Binance Coin recorded a new local high at $338. The decline in trading suggests that bulls may be regaining strength after the recent rally.

Nearby footholds could provide support with weakening momentum. The closest support can be found at the 78.6% Fibonacci retracement level at $328.

Key resistance levels to note:

$328 - high recorded on February 5

$353 - 127.2% Fibonacci Retracement

Key support levels to note:

$328 - 78.6% Fibonacci Retracement

$316 - Fibonacci Retracement Level  61.8%

$303 - Fibonacci Retracement Level  38.2%

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