Bitcoin Stuck in Limbo as Golden Cross Fails to Spark Rally
The cryptocurrency market remains in a tight range as investors await fresh signals on its direction. Despite this, the market capitalization stands at $2.66 trillion, surpassing both the 50-day and 200-day moving averages of $2.39 trillion and $2.38 trillion respectively. This 'golden cross' is seen as bullish, but historically does not guarantee an immediate rally.
Bitcoin has retreated to near its recent lows, trading just below $78,000 after three consecutive red daily candles and opening lower on Thursday. The 50-week moving average is acting as resistance, having previously served as support from August 2024 to October 2025. A breach below this level was followed by a 21% decline over two weeks and a 43% drop over 12 weeks.
ARK Invest's CEO, Cathie Wood, believes that holding bitcoins for decades is a viable strategy due to its store of value and inflation-hedge properties. She notes that bitcoin's correlation with gold has reached a record high since records began in 2017, amidst concerns about fiat currency devaluation and rising government debt.