Bitcoin Defies Macro Pressure: 3 Indicators Signal Continued Rally

Bitcoin has pulled back to $84,000 after rising Treasury yields pushed October rate-hike odds towards 70%, but analysts at Binance Research believe three indicators could counterbalance this macro pressure. The first signal is positive spot Bitcoin ETF demand, which saw net outflows for most of the year but reversed sharply on September 21 with a single-day inflow of $999 million.

The second indicator is that Bitcoin reclaimed its 50-week moving average after closing at $81,159 on September 20. Historically, when Bitcoin has reclaimed this level, it hasn't led to new cycle lows, though the signal isn't infallible.

The third and most promising sign is a golden cross formed on September 8, where the 50-day moving average crossed above the 200-day. This pattern, which occurred after 293 days below the 200-day average, has been associated with peak gains between 100% and 600% in the following year.