Bitcoin
Bitcoin Golden Cross Weakens as Rate-Hike Expectations Increase
Bitcoin lost its daily golden cross after higher-than-expected inflation data fueled market expectations of tighter monetary policy.
Bitcoin's daily 50-day exponential moving average moved back beneath its 200-day EMA on Friday evening as the asset slipped to $77,438. The decline reversed a golden cross pattern that had formed earlier in the trading session, though the indicator remains in place on the four-hour timeframe amid slowing momentum.
The cryptocurrency stood 1.19% higher on the day at $77,438, having retreated from an intraday peak near $79,837. The pullback coincided with a shift toward tighter monetary expectations following newly published economic reports.
August core inflation data showed a monthly increase of 0.3%, exceeding consensus forecasts of 0.2%. Following the release, CME FedWatch pricing indicated an 86% probability that the Federal Reserve will raise interest rates at its upcoming policy meeting.
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