Bitcoin’s price recently formed a “golden cross,” a bullish pattern where the 30-day moving average (DMA) crosses above the 365-DMA, suggesting potential for an extended rally.
This “golden cross” hints that Bitcoin may soon reach new all-time highs. Over the past week, BTC saw gains of 8-9%, now trading around $72,200. Strong institutional inflows, particularly to BlackRock’s iShares Bitcoin Trust (IBIT), and a surge in retail interest, which is at a seven-month high, have fueled recent price action.
CryptoQuant data indicates the 30DMA crossing above the 365DMA as a key shift in momentum, often linked to bullish trends. Previously, a “death cross” pushed BTC into a bearish phase, preventing it from reclaiming March highs. Now, with heightened transaction counts and active addresses, bullish momentum is returning.
Analysts advise watching closely; if the 30DMA does not hold above the 365DMA strongly, BTC may enter a consolidation phase similar to mid-2021.
Retail demand, previously subdued, is also growing alongside institutional interest. On-chain data shows a surge in retail demand, reaching recent highs, with Bitcoin prices hitting records in regions like Europe and Canada. Meanwhile, October 30 saw record inflows into spot Bitcoin ETFs, with BlackRock’s IBIT accounting for a large share, surpassing $25 billion since its launch 10 months ago.
Corporate interest remains strong as well; MicroStrategy announced a plan to raise $42 billion to acquire more BTC, and other firms globally are adopting Bitcoin-focused strategies inspired by Michael Saylor’s approach. Microsoft may also explore adding Bitcoin to its balance sheet through shareholder voting.
