BitCoin (BTC-USD) reached $52,381.86 on Monday, hitting a new high since May 2021.

Bitcoin, which is up around 80% since the start of the year, looks ready to continue the gains after clearing a key resistance level, with charts indicating a “golden crossover”, a long-term bullish indicator, occurring when the short-term moving average crosses the long-term moving average to the upside.

On Monday, with a price well above $51,109, the crypto is flagging an upside break of the 61.8% Fibonacci retracement of the April-to-June sell-off, which may bring bulls to hit the market with fresh bids, as many traders often use Fibonacci ratios (61.8%, 38.2%, and 23.6%) to spot support, resistance and trading chances.

According to Lennard Neo, Head of Research at Stack Funds, the cryptocurrency consolidated above the 200-day moving average during the last two weeks, which boosts his confidence that these critical levels are resistances turned support.