Bitcoin Nears 4H Golden Cross, Targets $120K
Bitcoin is approaching a golden cross on its 4-hour chart as the 23-period moving average nears the 200-period moving average. Over the past week, Bitcoin rose from $116,600 to $118,600, breaking key resistance at $117,500–$118,000 and establishing support near $116,400. A confirmed golden cross and sustained trading above these levels could propel Bitcoin toward $119,000 and $120,000. Low weekend liquidity may amplify volatility, triggering sharper moves and quick rebounds from support. Traders should monitor the golden cross signal and key levels for potential entry and manage risk with stops below recent support.
Bullish
The approaching 4-hour golden cross—a convergence of the 23- and 200-period moving averages—signals a potential shift to bullish momentum. Recent breaks above $117,500–$118,000 and new support near $116,400 underline strengthening demand. If the golden cross completes and price sustains these levels, short-term upside toward $119,000 and $120,000 is likely. Low weekend liquidity could exacerbate volatility, offering quick rebound opportunities but also risk of sharp moves. Overall, the technical setup and momentum favor a bullish trend, though traders should use stops to manage downside risk.