Bitcoin Golden Cross Confirmed on One-Hour Chart, Breakout or Fakeout?

Bitcoin ($BTC), the leading digital currency, has formed a golden cross in its hourly chart. As seen on the TradingView chart, Bitcoin’s nine-day moving average has crossed above the 21-day moving average, creating a classic golden cross.

Bitcoin appears ready to break consolidation

The formation of the golden cross is a bullish signal that has sparked excitement among investors in the flagship cryptocurrency. It comes after seven days of the price stagnating between $105,000 and $108,000 on the crypto market.

The current development could see $BTC soar above this range if the golden cross does not fake out. If the technical indicator remains, this could trigger a bullish rally on Bitcoin, with the potential to post a new all-time high ($ATH).

However, if the golden cross reverts, Bitcoin might continue its price stagnation. The coin has found support above the $105,000 level in the past seven days.

As of press time, Bitcoin was trading at $107,243.78, representing a 0.75% increase over the last 24 hours. The coin is less than 5% away from flipping its previous $ATH of $111,970.17, which it set on May 22, 2025.

Interestingly, investors are actively engaging the coin in what appears to be an acquisition ahead of a possible rally. Trading volume has gone up by 11.75% to $46.92 billion within the same time frame.

Do market dynamics support new Bitcoin $ATH?

Although golden crosses do not guarantee an uptick in price, other broader market sentiments suggest a rally could occur.

Notably, Bitcoin is currently oversold on the six-hour chart. This development could trigger a rebound above its trading range in the last couple of days.

Additionally, exchange-traded funds (ETFs) are registering massive inflows. The flow of capital into the sector could trigger the next significant price surge for $BTC as institutional confidence continues to rise.

For instance, BlackRock’s June accumulation of Bitcoin comes in at $3.85 billion, a signal of strong institutional confidence.