Bitcoin Rally Cools, But a Golden Cross Is Coming
Risk assets fell after a hotter-than-expected Producer Price Index raised doubts the Fed will cut rates soon. The S&P 500, Nasdaq, and most major crypto assets declined, while oil above $100 and higher Treasury yields added pressure. Bitcoin slipped from above $80,000 to around $77,323, though it remains well above August lows near $64,000. Technically, Bitcoin still looks constructive: ADX is high at 45.8, RSI is 55.6, and a bullish golden cross may form within days as the 50-day EMA nears the 200-day EMA. The Squeeze Momentum Indicator also suggests volatility is building for a larger move. Spot Bitcoin ETFs saw $3.8 billion in net inflows over three weeks, signaling strong institutional demand. Near-term direction will likely depend more on upcoming CPI data and the Fed meeting than on the moving-average crossover alone.
