Bitcoin Nears "Golden Cross" Even as It Pulls Back in the Short Term

Bitcoin eased as fresh inflation worries weighed on risk assets, failing to hold the rally that briefly lifted it above $80,000 last week, CoinDesk reported. Market focus is now shifting to a longer-term technical setup: the 50-day exponential moving average (EMA) is closing in on a move above the 200-day EMA, a formation widely known as a "golden cross." In Thursday trading, U.S. equities and crypto declined together after U.S. August producer price data (PPI) came in hotter than expected, reviving concerns that the Federal Reserve will keep policy restrictive. Oil also pushed above $100 a barrel amid rising U.S.-Iran tensions, while U.S. Treasury yields climbed to multi-year highs, adding pressure to risk-sensitive assets. Bitcoin opened at $78,282, rose to an intraday high of $78,526, then slid to a low of $76,651. At the time of reporting, BTC was at $77,323, down 1.22% on the day. The move trims some gains from last week's breakout above $80,000, though the price remains well above the August low near $64,000, suggesting the broader rebound has not been fully undone. A golden cross could form in the coming days. The report said the 50-day EMA remains below the 200-day EMA, but the gap has narrowed sharply; if there is no additional steep near-term selloff, the crossover could be confirmed around September 11. If completed, it would be Bitcoin's first golden cross since a "death cross" in November 2025. Other indicators cited in the report were mixed but not extreme. The Average Directional Index (ADX) was 45.8, above the widely watched 25 level, while the Relative Strength Index (RSI) stood at 55.6, indicating moderate strength without signaling an overbought condition. The report concluded that momentum has slowed, but the upswing has not clearly ended. ETF flows remain a key support, the article noted. Over the past three weeks, U.S. spot Bitcoin ETFs recorded combined net inflows of $3.8 billion, the strongest stretch since 2026, lifting total assets under management to $101.3 billion. Still, the report cautioned that the golden cross is a lagging signal based on historical prices and has failed within weeks in prior instances. In the near term, Bitcoin's direction is more likely to hinge on upcoming U.S. CPI data and policy signals from the Federal Reserve meeting on September 15 than on moving-average crossovers alone.