Bitcoin gave back part of its recent advance as a hotter-than-expected U.S. August Producer Price Index pushed investors out of risk assets. The S&P 500 fell 0.59%, the Nasdaq lost nearly 1%, and concern returned that the Federal Reserve might raise rates rather than cut them.
Across crypto, about 85% of the top 100 tokens by market capitalization were down over the past 24 hours. Decrypt also said oil moved above $100 a barrel during ongoing U.S.-Iran tensions, adding another complication to the inflation picture. Treasury yields jumped to multi-year highs, tightening conditions for assets outside government bonds.
Markets are also heading into two near-term catalysts: Friday’s Consumer Price Index report and the Federal Reserve’s September 15 meeting. That setup leaves traders bracing for more volatility before the week ends.
Bitcoin price action and chart setup
According to Decrypt, Bitcoin opened at $78,282 and climbed to an intraday high of $78,526 before sellers took control. BTC later fell to $76,651 and was recently trading at $77,323, down $959, or 1.22%, on the day.
The move marks a pullback from last week’s rally above $80,000. Even so, the broader picture remains firmer than the day’s red candle suggests, with Bitcoin still well above its August low near $64,000.
Indicators point to a possible golden cross
The report highlighted the Average Directional Index, or ADX, at 45.8. That is well above the 25 level many traders use to confirm a meaningful trend. The Relative Strength Index, or RSI, stood at 55.6, which Decrypt described as bullish territory without entering overbought conditions.
Taken together, those readings suggest the recent uptrend may still have room to run even after today’s decline.
For now, the moving-average structure remains technically bearish because the 50-day exponential moving average is still below the 200-day EMA. That gap, however, has nearly closed. Decrypt said the crossover known as a golden cross could be confirmed within the next couple of days unless a major negative development intervenes.
If confirmed, it would be Bitcoin’s first golden cross since the bearish crossover in November 2025 that started the current cycle’s drawdown, according to the report.
Decrypt also pointed to the Squeeze Momentum Indicator, which it said is currently “on.” That condition usually signals volatility compression before a larger move, whether higher or lower. If Bitcoin holds its bullish trend, the compression could break upward and line up with the golden-cross setup.
Why traders are watching the signal, but not relying on it alone
Decrypt argued that one red day driven by a macro inflation surprise does not erase a multi-week uptrend, especially since stocks and crypto were both hit on the same day. In Bitcoin’s case, the report said the more important feature is the moving-average structure forming beneath the price.
On the flows side, U.S. spot Bitcoin ETFs recorded $3.8 billion in net inflows over the past three weeks, the strongest stretch of 2026, while total net assets reached $101.3 billion. Decrypt said that points to institutional demand holding up even as Bitcoin absorbs a pullback driven by macro data.
Still, the report cautioned against treating a golden cross as a guarantee. It is a lagging indicator built on past price data, and Decrypt noted that similar signals have reversed within weeks on some occasions. With Friday’s CPI release and next week’s Fed decision still ahead, the report said Bitcoin’s next major move is more likely to depend on whether inflation cools than on where the two moving averages intersect.
Decrypt added that the views expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.