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.