Bitcoin faces near-term selling pressure but a golden cross technical pattern is poised to form for the first time since November.
Macro & Markets ·
Bitcoin declined 1.22% to $77,323 as broader market selloff pressured risk assets following hotter-than-expected inflation data. The sell-off, driven partly by rising Treasury yields and oil pushing above $100 amid U.S.-Iran tensions, pulled back Bitcoin's recent rally above $80,000, though the asset remains substantially higher from its August lows near $64,000. Almost 85% of the top 100 crypto assets by market cap fell over the same period.
A golden cross technical pattern is on the verge of forming, with Bitcoin's 50-day exponential moving average projected to cross above its 200-day counterpart around September 11. This would mark the first such crossover since November 2025's death cross, which initiated the current cycle's drawdown. Supporting indicators include an Average Directional Index at 45.8—well above the 25 threshold confirming a trend—and a Relative Strength Index at 55.6 in bullish territory without signaling overbought conditions.
The Squeeze Momentum Indicator is compressing, historically preceding larger directional moves. Institutional flows remain robust, with spot Bitcoin ETFs logging $3.8 billion in net inflows over the prior three weeks—their strongest stretch of 2026—and total net assets reaching $101.3 billion. However, near-term volatility may persist as the Consumer Price Index report and Federal Reserve's September 15 meeting approach.