Bitcoin slipped below $80,000 on September 7, trading at $79,325 at 07:50 UTC, down 1.27% as the closely watched golden cross signal inches closer but remains unconfirmed. The gap between Bitcoin’s 50-day and 200-day exponential moving averages has narrowed dramatically from 3.17% to just 0.93% within a week, with EMA 50 now only $676 below EMA 200. Despite nearly $1 billion in US spot Bitcoin ETF inflows over five trading sessions ending September 4, BTC continues to stall at the critical $81,500 to $84,400 resistance zone established from May highs. Options data from Deribit shows roughly $1.4 billion in September puts positioned between $68,000 and $75,000, while call open interest from $82,000 to $100,000 outweighs downside protection. Industry observers note long-term holders are becoming less reactive to macro news, suggesting a gradual advance rather than explosive breakout.
FXnCO Insight
Watch for confirmation of the golden cross and a daily close above $84,400 before positioning aggressively for a run toward $100,000.
Source: Finance Magnates