Bitcoin fell 1.22% to $77,323 on September 10, retreating after last week's move above $80,000 as broader markets sold off amid renewed inflation concerns.

The decline came as Bitcoin's 50-day exponential moving average (EMA) moved close to crossing above its 200-day EMA. The technical event, known as a golden cross, is projected to be confirmed around September 11. If it occurs, it would be Bitcoin's first golden cross since the bearish crossover, or death cross, in November 2025.

Risk assets broadly weakened during the session. The S&P 500 fell 0.59%, while the Nasdaq declined nearly 1%. Bitcoin also gave back part of its recent advance after August's Producer Price Index came in hotter than expected, reviving concerns that the Federal Reserve could raise interest rates rather than cut them.

Nearly 85% of the top 100 crypto assets by market capitalization were lower over the previous 24 hours. Oil prices rising above $100 a barrel amid continuing U.S.-Iran tensions added to inflation concerns, while Treasury yields climbed to multi-year highs, putting further pressure on assets outside government bonds.

Markets are also awaiting Friday's Consumer Price Index report and the Federal Reserve's September 15 meeting, which could contribute to further volatility before the week ends.

Bitcoin price and technical indicators

Bitcoin opened at $78,282 and reached an intraday high of $78,526 before selling pressure pushed it to a low of $76,651. At $77,323, the cryptocurrency was down $959, or 1.22%, for the day.

The move represented a pullback from last week's rally above $80,000. Bitcoin nevertheless remained significantly above its August lows near $64,000.

The Average Directional Index (ADX), which measures trend strength without indicating its direction, stood at 45.8. That was well above the 25 level commonly used by traders to identify a significant trend. The Relative Strength Index (RSI) was 55.6, a level described as bullish without indicating overbought conditions. Together, the readings showed that the recent uptrend remained in place despite the day's decline.

Bitcoin's moving averages remained technically bearish because the 50-day EMA was still below the 200-day EMA. However, the gap between them had nearly closed. A golden cross occurs when the shorter-term moving average moves above the longer-term average, and the crossover was projected to be confirmed within the next couple of days barring a significant adverse development.

The event would mark Bitcoin's first golden cross since the November 2025 bearish crossover that began the current cycle's drawdown.

The Squeeze Momentum Indicator was also “on,” indicating that volatility was compressing ahead of a potentially larger move in either direction. If Bitcoin's bullish trend continued, the compression could break upward and coincide with confirmation of the golden cross.

Technical signal faces macroeconomic test

A single decline following an inflation surprise does not by itself eliminate a multi-week uptrend, particularly because stocks experienced a comparable selloff during the session. For Bitcoin, the approaching moving-average crossover provides an additional technical development beneath the recent price action.

U.S. spot Bitcoin ETFs recorded $3.8 billion in net inflows over the previous three weeks, their strongest three-week period of 2026. Their total net assets reached $101.3 billion. The figures indicated that institutional demand had continued even as Bitcoin absorbed the latest macroeconomic-driven pullback.

The golden cross should not be viewed as a guarantee of further gains. It is a lagging indicator based on historical price data, and previous crossovers have sometimes reversed within weeks of forming. With Friday's CPI release and the Federal Reserve's decision next week still ahead, Bitcoin's next major move may depend more on whether inflation data begins to cool than on the precise point at which the two moving averages intersect.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.