Bitcoin’s daily-chart golden cross lasted only briefly on Sept. 12 before reversing, as stronger-than-expected U.S. inflation data pushed Federal Reserve tightening expectations higher. BTC rose to as much as $79,837, lifting the 50-day exponential moving average above the 200-day EMA, a move traders often read as a bullish crossover. The rally did not hold. Bitcoin later slipped to about $77,438, and the 50-day EMA fell back below the 200-day EMA, invalidating the signal on the daily timeframe.
The shift came alongside a sharp repricing in rate expectations. U.S. core CPI rose 0.3% month over month, above the 0.2% market expectation. CME FedWatch data showed the probability of a 25-basis-point Fed rate hike next week jumping from about 69% after the CPI release to 86.5%.
Even so, the source noted that Bitcoin’s medium-term structure has not fully turned bearish. On the 4-hour chart, the 50-period EMA remains above the 200-period EMA, keeping that golden cross intact. The daily ADX stands at 45, pointing to a still-strong broader trend, while the 4-hour RSI has dropped to 43.3, showing weaker short-term momentum.
Bitcoin’s daily golden cross briefly appeared on Sept. 12 before failing again, according to BlockBeats.
BTC climbed to $79,837, pushing the 50-day exponential moving average above the 200-day EMA. The move soon reversed. Bitcoin later fell back to about $77,438, and the 50-day EMA slipped below the 200-day EMA again.
The price action coincided with a rapid rise in expectations for another Federal Reserve rate increase. Fresh data showed U.S. core CPI rising 0.3% month over month, above the 0.2% market forecast. CME FedWatch showed the probability of a 25-basis-point rate hike next week rising from about 69% after the CPI release to 86.5%.
As markets repriced the Fed path, risk assets came under pressure, and Bitcoin gave back its earlier gains.
Still, BlockBeats said Bitcoin’s medium-term trend has not fully turned bearish. On the 4-hour chart, the 50-period EMA remains above the 200-period EMA, so that golden cross is still intact. The daily ADX is 45, indicating the broader trend remains strong. At the same time, the 4-hour RSI has fallen to 43.3, pointing to a clear cooldown in short-term momentum.
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