The price of Bitcoin has surged over the past 24 hours and has surpassed the $5600 mark, putting it within striking distance of its 2019 high. BTC is currently trading at around $5603.

The surge is associated with the fabled ‘golden cross’ – a technical indicator that identifies when an asset’s 50-day moving average rises above its long term moving average.

Twitter crypto analyst Anondran said “The last time a golden cross occurred on Bitcoin was when it was $250”

Anondran is referring to, of course, the golden cross of October 2015 that marked the beginning of Bitcoin’s bull trend to its all-time highs in late 2017.

The golden cross occurred a year after the opposite ‘Death Cross’ of April 2018, when prices went into freefall.

Bitcoin price tops US$5500 and climbing…

The price of Bitcoin has now broken the key resistance of $5500, which means it is on track to hit $6500 in the short term according to Naeem Aslam, chief market analyst of ThinkMarkets.

“Technicals are fully supportive and the bulls are pushing the markets higher based on that,” he told CCN. “It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500.”

“We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon (as per the CFTC data).”

Research analyst Lukman Otunuga was similarly upbeat:

“The technical picture for [bitcoin] is looking increasingly bullish on the daily charts with the fabled bullish ‘golden cross’ slowly coming into play.”

The top crypto has become one of the year’s best performing assets, outperforming the Nasdaq, S&P 500, real estate, oil, and gold, with year to date gains of more than 40%.

Bitcoin’s market dominance has risen significantly in the past 24 hours, up from 52.5% to 53.2% according to CoinMarketCap. The cryptocurrency’s current market cap is $98.68 billion, marking a more than 3% increase over the past 24 hours.