Golden Cross Ignites Bitcoin Optimism Amid Bear Market Concerns

Bitcoin's price action has been volatile in September due to hawkish Federal Reserve signals and strong jobs data.

The daily chart, however, flashed a bullish signal, a golden cross, which analysts have awaited for almost a year.

This setup is often seen as a sign that the trend is turning up, but experts at BloFin argue that critical confirmation is still missing.

The 200-week moving average (200W MA) has been crucial in determining Bitcoin's long-term direction. According to BloFin, it has never posted a weekly decline and has kept climbing for four years.

However, the 50-week moving average (50W MA), which has repeatedly separated major recoveries from temporary relief rallies, remains below Bitcoin's price.