Fed Rate Hike Looms Over Bitcoin's Golden Cross

The price of long-term money has already undone some of Bitcoin's recent gains. The 30-year Treasury yield rose to its highest level since before the 2008 financial crisis, closing at 5.37% on Thursday.

This comes after a sudden drop in the same yield triggered a 25% squeeze in Bitcoin three weeks ago, which finally pulled the 50-day moving average back above the 200-day for the first time since November.

Bitcoin is now heading into the Federal Reserve's September meeting with a bullish chart signal, but the bond market has taken back some of its support. The cryptocurrency is currently trading near $77,400 and is up 22% over 30 days, but down 3% over seven days.

The Fed is expected to hike interest rates at their upcoming meeting, which would be their first increase in more than three years. This has caused some outflows from Bitcoin ETFs, with the Crypto Fear & Greed Index falling from 74 to 56.