Bitcoin declined by 1.22% today, trading at $77,323, after failing to sustain last week’s momentum above the $80,000 mark. The broader financial markets experienced losses as well, with the S&P 500 dropping 0.59% and the Nasdaq closing nearly 1% lower. The pullback across major asset classes was fueled by a hotter-than-expected August Producer Price Index, which heightened concerns that the Federal Reserve could delay rate cuts or even raise interest rates in coming months.
Market pressures and macro impact
The selloff in risk assets was exacerbated by oil prices climbing above $100 per barrel amid continued US-Iran tensions. This added further pressure to inflation metrics, lifting Treasury yields to multi-year highs and pushing investors toward safer assets. Nearly 85% of the top 100 cryptocurrencies by market capitalization saw declines in the last 24 hours, reflecting widespread caution ahead of key macroeconomic data releases.
With the market looking ahead to Friday’s Consumer Price Index data and the Federal Reserve’s September 15 meeting, investors remain on alert for additional volatility. The return of inflation fears has rattled both traditional equity and cryptocurrency markets, setting the stage for a potentially turbulent week.
Technical outlook: Golden cross approaches
Despite today’s drop, Bitcoin’s price action in recent weeks remains robust when viewed from a broader perspective. After opening at $78,282 and reaching an intraday high of $78,526, the cryptocurrency retreated to a low of $76,651 before stabilizing. Today’s close marks a notable decline from last week’s push above $80,000, but Bitcoin continues to trade significantly above its August lows near $64,000.
Technical analysis shows the Average Directional Index (ADX) at 45.8, signaling a strong underlying trend. The Relative Strength Index (RSI) sits at 55.6, which traders typically view as confirmation of bullish momentum without entering overbought territory. These indicators suggest the overall uptrend may not be over, despite current short-term weakness.
Currently, Bitcoin’s 50-day exponential moving average (EMA) remains just below its 200-day EMA, keeping the technical setup in bearish territory. However, the gap is narrowing, and a golden cross—a scenario where the 50-day EMA rises above the 200-day EMA—is projected to occur around September 11, provided no major negative surprises materialize.
This would mark Bitcoin’s first golden cross since the death cross in November 2025, which signaled the onset of the previous major downturn for the cryptocurrency.
Mini dictionary: Golden cross, a technical analysis pattern that occurs when a short-term moving average, such as the 50-day EMA, crosses above a long-term moving average, such as the 200-day EMA. This event is often viewed by traders as a bullish signal for future price trends.
The Squeeze Momentum Indicator has also activated, a technical measure used to anticipate periods of heightened volatility following a phase of price compression. If Bitcoin’s underlying trend holds, analysts expect this could accelerate a move to the upside.
Institutional flows and outlook
US spot Bitcoin exchange-traded funds (ETFs) posted $3.8 billion in net inflows over the past three weeks. Total net assets in these products have now reached $101.3 billion. These figures indicate continued institutional demand even as Bitcoin’s price consolidates amid macro-driven pressures.
| Week | US spot Bitcoin ETF net inflows | Total Bitcoin ETF assets |
|---|---|---|
| Past 3 weeks | $3.8 billion | $101.3 billion |
While enthusiasm surrounding the impending golden cross is growing, market experts urge caution. The indicator is lagging, representing past price action, and historical precedent shows that golden crosses can sometimes reverse course within weeks of appearing. With the critical CPI data and the Federal Reserve’s upcoming policy decision approaching, shifts in macroeconomic conditions may play a larger role in determining Bitcoin’s next major move.
Institutional flows into US spot Bitcoin ETFs have reached $3.8 billion over three weeks, bringing total assets in these vehicles to $101.3 billion, reflecting sustained demand amid market volatility.
