Bitcoin's Golden Cross Nears but $84,400 Proves a Hurdle

Bitcoin's price is currently trading at $79,325, down 1.27% on the daily Binance candle. This comes after an attempt to hold above $80,000 stalled. The price remains about 4% below the $82,614 resistance level.

The trend signal underneath the price is closer than it was a week ago, with the gap between Bitcoin's 50-day and 200-day exponential moving averages narrowing from 3.17% to 0.93%. This has led to a potential golden cross, but it remains unconfirmed until EMA 50 moves above EMA 200.

Paul Howard, Senior Director at Wincent, expects the current structure to support a gradual advance rather than a sudden breakout. He noted that many holders are now less reactive to macro news due to longer investment horizons.