Bitcoin Stalls at Resistance as Golden Cross Hopes Remain Alive

Bitcoin has stalled at the $83,000 resistance level and retreated to the $79,000 range. Despite this setback, the possibility of a golden cross remains alive, keeping medium- to long-term bullish expectations intact.

According to CoinGecko, Bitcoin traded at $79,115 as of 9 a.m. on August 8th. The cryptocurrency had briefly climbed to $82,100 after reclaiming the $80,000 level last week, but profit-taking sell orders near $83,000 capped further gains.

The pullback was driven by employment data released on August 4th, which showed payroll growth far exceeding expectations and reignited concerns about further interest rate hikes. This has put pressure on risk assets across the cryptocurrency complex.