Bitcoin daily "golden cross" briefly fails as markets resume bets on Fed rate hike.
TechFlow reports that on Sept. 12, according to Decrypt, the brief daily-level "Golden Cross" formed earlier by BTC failed to sustain as the 50-day Exponential Moving Average (EMA) dipped back below the 200-day EMA. Heightened market expectations for a Federal Reserve rate hike weighed on Bitcoin's near-term performance.
Bitcoin briefly climbed to $79,837 before retreating to around $77,438, still logging a 1.19% daily gain. Earlier, BTC's 50-day EMA had briefly crossed above its 200-day EMA, marking the first daily Golden Cross since November of last year; however, the signal reversed again as prices pulled back.
Market momentum was impacted by shifting interest rate expectations. Following the release of US CPI data, CME FedWatch data indicated an 86.5% probability of a 25-basis-point rate hike at the Fed's September meeting.
Analysts point out that the Golden Cross is a lagging indicator; when short- and long-term moving averages converge, single-day price swings can trigger frequent flips. The 4-hour Golden Cross for Bitcoin remains intact, though near-term momentum has cooled.
As of now, Bitcoin's daily RSI stands at 55.5, staying within a neutral-to-bullish zone; the 4-hour RSI has fallen to 43.3, reflecting weakening short-term price action. The daily ADX reads 45, signaling that overall trend strength remains elevated.
