[Analysis] "Bitcoin Forms Golden Cross... Suggests Long-term Bullish Trend"

An indicator suggesting a long-term bullish trend for Bitcoin (BTC) has emerged.

According to the cryptocurrency specialist media outlet U.Today on the 2nd (local time), Bitcoin formed a golden cross on the chart as the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA.

U.Today explained, "This is a bullish signal indicating a long-term trend reversal," adding, "At $96,500, Bitcoin is above all major moving averages and has already recovered the declines from February and March." However, it noted the need to be cautious about the possibility of entering an overbought state. U.Today analyzed, "Currently, Bitcoin's Relative Strength Index (RSI) is entering the overbought territory at 69," and "the possibility of a short-term correction is increasing."

There are also positive indicators. One is the net inflow of funds from institutional investors. A significant net inflow has been recorded in Bitcoin spot ETFs starting from the 17th. From the 17th to the 1st, Bitcoin spot ETFs recorded net inflows on all trading days except for the net outflow on the 30th. During this period, the funds flowing into Bitcoin spot ETFs amounted to a total of $4.3 billion.

U.Today explained, "This suggests a strong buying sentiment among institutional investors," and "such inflows can prevent Bitcoin's decline."