Bitcoin’s Reported Second Golden Cross Follows Retreat From Near $87,400

Bitcoin (BTC) traded around $86,000 on Oct. 5 after moving near $87,400, while a reported moving-average crossover drew attention to the market’s recent price trend.

Technical analysis described Bitcoin’s 100-day exponential moving average (EMA) crossing above its 200-day EMA, following an earlier 50-day EMA crossover of the same longer-term measure. A golden cross refers to a shorter-term average moving above a longer-term one. These crossovers are chart analysis claims and do not establish how Bitcoin will trade next.

U.S. spot Bitcoin exchange-traded funds recorded $189.9 million in net inflows on Oct. 2. BlackRock’s fund received $158.2 million, Fidelity’s received $29.3 million and Morgan Stanley’s received $2.4 million.

U.S. nonfarm payroll employment increased by 29,000 in September, and the unemployment rate was 4.2%. The Federal Reserve raised its benchmark interest rate by a quarter percentage point in September, setting the target range at 3.75% to 4%.

The Fed is scheduled to release minutes from its Sept. 15-16 meeting on Oct. 7. Its next policy meeting is scheduled for Oct. 27-28.