Bitcoin's Golden Cross Flickers Out as Rate-Hike Bets Firm Up

Bitcoin's daily 50-day EMA briefly crossed above its 200-day EMA on Friday, confirming a golden cross formation that is considered bullish. However, this momentum was short-lived as BTC retreated to $77,438, undoing the crossover.

The reversal in Bitcoin's price is linked to a hawkish repricing in rates markets, with the odds of a 25-basis-point interest rate hike at the next Fed meeting spiking to 86.5% on CME FedWatch.

While the daily chart still shows a bearish reading, trend strength remains firm, according to the Average Directional Index (ADX), which tracks trend strength regardless of direction.