Golden Cross Flickers Off Amid Hawkish Repricing
Bitcoin's golden cross formation on its daily chart flickered off as it retreated to $77,438. The reversal occurred after a hawkish repricing in rates markets, with the odds of a hike at next week's Fed meeting spiking to 86% per CME.
The brief flirtation with a confirmed golden cross, which had not been seen since November, didn't survive the afternoon. A rate hike would generally precede a risk-off move from investors, meaning risk assets like Bitcoin and tech stocks could take a hit if the Fed decides to raise rates next week at its meeting.
The 4-hour chart's golden cross is still intact, but momentum has cooled. The Relative Strength Index (RSI) has dropped to 43.3, into bearish territory, while the Average Directional Index (ADX) on the 4-hour chart sits at 25.1, barely above the 25 threshold.