Bitcoin Eyes New Highs as Golden Cross Emerges Amid U.S. Debt Concerns
Bitcoin is currently trading NEAR $102,750, showing a 4% dip on Monday as it approaches a bullish technical formation known as the golden cross. This pattern, where the 50-day moving average crosses above the 200-day average, has historically signaled long-term upward momentum. Notably, a similar setup preceded Bitcoin's 2023 rally from $70,000 to over $100,000. Market analysts are now watching closely to see if history will repeat itself, especially against the backdrop of growing concerns about U.S. debt. The cryptocurrency's potential for another significant surge is drawing increased attention from investors and traders alike.
Bitcoin Price Nears $102.7K Amid Golden Cross Signal and U.S. Debt Fears
Bitcoin hovers around $102,750, marking a 4% decline on Monday as it approaches a golden cross—a technical formation where the 50-day moving average crosses above the 200-day average. Historically, this pattern has signaled long-term bullish momentum, notably preceding Bitcoin's 2023 rally from $70,000 to over $100,000.
Market analysts are closely monitoring whether history will repeat itself. The current interest in Bitcoin is further fueled by macroeconomic uncertainty, including Moody's downgrade of the U.S. sovereign credit rating and a national debt exceeding $36 trillion. Investors are increasingly seeking alternative stores of value amid these fiscal concerns.
El Salvador's Bitcoin Holdings Yield $357M in Unrealized Gains Amid Market Surge
El Salvador's bold bet on Bitcoin continues to pay off as the nation reports over $357 million in unrealized profits from its cryptocurrency holdings. President Nayib Bukele revealed the gains on social media, showcasing a 124.4% profit margin on the country's initial $287.1 million investment. The portfolio, now valued at $644.4 million, includes approximately 6,181 BTC.
The windfall comes as bitcoin approaches its all-time high of $108,786, demonstrating the potential of sovereign cryptocurrency strategies. El Salvador remains committed to its Bitcoin adoption policy despite ongoing pressure from international financial institutions.
Weekly Inflows Dip, But Bitcoin Bulls Are Not Backing Down
Digital asset products saw continued capital inflows, albeit at the slowest pace in a month. Between May 12 and May 16, spot Bitcoin ETFs attracted $603.74 million—a positive signal, but one tempered by the market's sideways trading and resistance at the $104,971 level.
The cooling appetite reflects investor caution as BTC consolidates. Yet the sustained inflows suggest underlying confidence in the asset's long-term trajectory, with bulls refusing to retreat despite short-term headwinds.
Saylor Warns 'No Bitcoin Left' — Will $BTC Price Break $108K?
Bitcoin's price surged to $103,000, reigniting market speculation and bullish sentiment. Michael Saylor and Robert Kiyosaki amplified the frenzy with bold predictions, fueling trader enthusiasm.
Saylor's warning of dwindling Bitcoin supply contrasts sharply with growing institutional demand. The $108K resistance level now looms as the next psychological battleground for BTC bulls.
Australian Man Loses Bitcoin and Luxury Assets in Civil Forfeiture Case
An Australian man from Queensland has forfeited nearly 25 Bitcoin, a waterfront mansion, and a Mercedes-Benz after federal police linked the assets to criminal activity. The seizure, worth approximately 4.5 million Australian dollars ($2.88 million USD), was executed under a civil court order, though no new criminal charges were filed.
The investigation traces back to September 2018, when Luxembourg authorities flagged suspicious Bitcoin transfers. The trail led to Shane Stephen Duffy, who previously pleaded guilty in 2016 for selling stolen League of Legends player data. While the current case doesn't involve direct hacking charges, the forfeiture underscores law enforcement's growing ability to track and seize crypto-linked illicit gains.
Bitcoin Records Highest Weekly Close at $107K Amid Institutional Accumulation
Bitcoin's bullish momentum continues as it notches a historic weekly close above $107,000, marking six consecutive weeks of gains. The cryptocurrency now trades around $105,000, with market participants anticipating a potential assault on all-time highs.
Institutional interest appears to be fueling the rally. Japanese investment firm Metaplanet recently disclosed the acquisition of 1,004 BTC, signaling growing corporate treasury adoption. The sustained upward trajectory suggests deepening market conviction beyond retail speculation.
