Golden Cross Falls Flat for Bitcoin

Bitcoin recently formed a 'golden cross', a widely watched bullish signal. However, the price of Bitcoin has since fallen to around $77,000 from its previous peak of $80,000.

The golden cross occurs when the 50-day moving average rises above the 200-day moving average, indicating a potential medium- to long-term uptrend. Despite this, CoinDesk noted that the signal is fundamentally a lagging indicator, meaning it reflects price moves after the fact.

In this case, Bitcoin had already gained about 32% to $82,000 from $62,000 before the golden cross emerged. This suggests that much of the rally may have been priced in by the time the signal appeared.