Bitcoin Just Flashed a Second, Stronger Golden Cross: Here's What That Means

Bitcoin opened the week on a positive note but remained capped below a key resistance level at roughly $87,354. The top cryptocurrency traded around $86,100 on Monday, up about 1.1% over 24 hours, while the broader crypto market rose 1.36% to near $2.94 trillion. Sentiment measures have cooled from extremes: the Fear & Greed Index sits at 68, in "greed" territory, after retreating from higher readings last month.

Macroeconomic data provided the initial lift. Friday's U.S. jobs report showed payrolls rose by only 29,000 in September and the unemployment rate edged up to 4.2%, with downward revisions to July and August and slower annual wage growth. That weaker-than-expected payroll print reduced market odds of an October Fed rate hike, supporting risk assets including stocks and crypto.

Technically, analysts point to a pair of exponential moving-average crosses that underline the recent advance. The 50-day EMA rose above the 200-day EMA in mid-September, a classic "golden cross," and has now been joined by a 100-day EMA crossing above the 200-day EMA. Because the 100-day EMA responds more slowly than the 50-day, its crossover is viewed as a sturdier confirmation that the medium-term trend has shifted higher after months of elevated prices.

Momentum indicators are consistent with a strong trend but not extreme overbought conditions: the Relative Strength Index on the daily chart is around 64.7 and the Average Directional Index reads about 43.4, the latter signaling a robust trend regardless of direction. Market participants are watching the $87,354 level as the immediate line in the sand while short-term prediction markets and continued ETF inflows — U.S. spot bitcoin ETFs recorded about $189.84 million in net inflows on the latest daily reading and hold roughly $101.1 billion in assets — factor into near-term positioning.

Looking ahead, traders will parse forthcoming U.S. data and central bank signals for fresh catalysts. The Fed releases minutes from its September meeting on October 7, the Bureau of Labor Statistics will publish September CPI on October 14, and the Fed holds its next policy meeting October 27–28, followed by a press conference on October 28.