Bitcoin Just Flashed a Second, Stronger Golden Cross: Here's What That Means
In brief
Bitcoin traded around $86,000 on Monday, roughly $1,200 below the $87,354 swing high that has capped the rally.
Macroeconomic winds have turned in Bitcoin's favor, with potential future catalysts around the corner.
The daily chart has painted a decidedly bullish picture, with Bitcoin entering a second, stronger "golden cross."
Bitcoin is starting the week on the front foot. It still can't clear the ceiling, but investors have reason to be optimistic.
The top crypto asset traded around $86,100 on Monday morning, up 1.14% in 24 hours, with a market capitalization of $1.73 trillion. The entire crypto market is worth $2.94 trillion, up 1.36% on the day, and the Fear & Greed Index sits at 68, still in "greed" territory and stabilizing sentiment after a dip from “extreme greed” readings last month.
Myriad: How high will Bitcoin go? Click to make your prediction.
The spark was Friday's jobs report, and it was ugly—for the economy, that is. U.S. employers added only 29,000 positions in September, according to the Bureau of Labor Statistics, roughly a third of what economists expected. The unemployment rate ticked up to 4.2%.
Revisions made it worse. July was revised from a gain of 21,000 to a loss of 10,000 jobs, and August was cut from 162,000 to 133,000. Annual wage growth cooled to 3.0%.
Bad news for workers, good news for risk assets. That's the weird math of this cycle.
Bitcoin price data. Image: Tradingview
The Federal Reserve raised rates a quarter point to 3.75%-4.00% on September 16 in a unanimous vote. A week before Friday's report, bond traders gave an October hike a 64% chance. After it, those odds fell to roughly 16%-22%, depending on the snapshot.
In brief
Bitcoin traded around $86,000 on Monday, roughly $1,200 below the $87,354 swing high that has capped the rally.
Macroeconomic winds have turned in Bitcoin's favor, with potential future catalysts around the corner.
The daily chart has painted a decidedly bullish picture, with Bitcoin entering a second, stronger "golden cross."
Bitcoin is starting the week on the front foot. It still can't clear the ceiling, but investors have reason to be optimistic.
The top crypto asset traded around $86,100 on Monday morning, up 1.14% in 24 hours, with a market capitalization of $1.73 trillion. The entire crypto market is worth $2.94 trillion, up 1.36% on the day, and the Fear & Greed Index sits at 68, still in "greed" territory and stabilizing sentiment after a dip from “extreme greed” readings last month.
Myriad: How high will Bitcoin go? Click to make your prediction.
The spark was Friday's jobs report, and it was ugly—for the economy, that is. U.S. employers added only 29,000 positions in September, according to the Bureau of Labor Statistics, roughly a third of what economists expected. The unemployment rate ticked up to 4.2%.
Revisions made it worse. July was revised from a gain of 21,000 to a loss of 10,000 jobs, and August was cut from 162,000 to 133,000. Annual wage growth cooled to 3.0%.
Bad news for workers, good news for risk assets. That's the weird math of this cycle.
Bitcoin price data. Image: Tradingview
The Federal Reserve raised rates a quarter point to 3.75%-4.00% on September 16 in a unanimous vote. A week before Friday's report, bond traders gave an October hike a 64% chance. After it, those odds fell to roughly 16%-22%, depending on the snapshot.
