Golden Cross Forms as Bitcoin Dips Below $78,500
Bitcoin dipped below $78,500 on September 8 as futures selling picked up, but a golden cross formed near $70,000 signals deeper support for traders. The first daily support is at $76,600 and the immediate resistance zone is between $79,500 to $80,000.
A golden cross forms when the 50-day simple moving average rises through the 200-day average from below, and in this case, it's a significant development because it occurred almost exactly at the 50% Fibonacci retracement. This support cluster near $70,000 is crucial for traders as it provides a stronger technical floor after the two nearer Fibonacci supports.
The Binance futures data shows selling pressure, with the taker buy/sell ratio reading near 0.917 as BTC traded around $79,000. A reading below 1 means taker sell volume exceeded taker buy volume during the measured period, indicating that sellers are more willing to accept current bids than buyers are to lift current offers.
Investors are waiting for U.S. August inflation data, which can change expectations for the Federal Reserve's September meeting and impact risk assets. Bitcoin needs to hold the first support and reclaim the nearby resistance area to reopen a move toward $82,400, or it could fall to $73,000 with the golden-cross cluster near $70,000 forming the more important level below it.