Bitcoin Price Dips to $62,409: Will the Bulls Capitalize on the Golden Cross?

The Bitcoin price has slipped 2% today, with the pioneering cryptocurrency trading at $62,409. Despite the slight plunge, its 24-hour trading volume is up 36% to $28.52 billion, suggesting increased market activity among traders and investors. 

According to CoinShares’ report, digital asset investment products saw inflows totalling US$533 million, the most significant inflows in five weeks. This surge followed remarks by Jerome Powell at the Jackson Hole Symposium. Bitcoin was the primary focus, seeing US$543m of inflows, indicating its sensitivity to interest rate expectations.

Notably, data from SoSoValue shows that Bitcoin ETFs logged $252 million of net inflows while the trading volume across all 11 products surpassed $3.12 billion on Friday. BlackRock’s IBIT took the lead with $1.2 billion in trading volume and $83 million in net inflows.

Fidelity’s FBTC came second with $64 million, while Bitwise’s BITB came third with $42 million. Grayscale’s GBTC was the only staggering in the red one, showcasing $35 million in net outflows. However, its mini Bitcoin fund recorded $50 million in inflows.

Bitcoin Statistical Data

Based on CoinmarketCap data:

• BTC price now – $62,409
• BTC market cap – $1.23 trillion
• BTC total supply –19.75 million
• BTC circulating supply – 19.75 million 
• BTC ranking – #1

Bitcoin Struggles to Break Through the $64,000 Resistance Zone

The Bitcoin price is struggling to break through the $64,000 resistance mark, having dipped to the $62,409 support level. However, all hope is not lost, as the short-term moving average has crossed above the long-term, forming a golden cross at $61,611. Often, this is interpreted as a bullish sentiment. 

Diving into the technical outlook, the bulls have flipped the 50-day and 200-day Simple Moving Averages (SAMs) into support. In this case, the bulls have established strong support at $61,550 and 61,777, which coincides with the (50-day and 200-day) SMA, respectively. 

On the other hand, the Relative Strength Index (RSI) has slipped below the 50-mean level. Currently, the RSI upholds a bearish outlook as it sits at 43. This suggests dwindling buyer momentum in Bitcoin price, tilting the odds in favour of the sellers. 

The Moving Average Convergence Divergence (MACD) worsens the outlook, upholding a bearish outlook. The MACD indicator has crossed below the orange signal line, suggesting a shift from bullish to bearish. Moreover, traders looking to take long positions in the market should wait for Bitcoin to reclaim the $64,000 mark. 

Will the Bulls Capitalize on the Golden Cross?

According to the 4-hour chart analysis, the sellers control the BTC market. A movement below $62,293 could ignite a sell-off. A breach and break below $60,000 may trigger panic and mass selling among traders and investors. 

Conversely, with the Golden Cross in check at $61,611, it may call for buyers to rally behind Bitcoin. Moreover, immediate support at $61,550 and $61,777 could enable the bulls to initiate an uptrend. In such a case, a rebound to the $64,000 market could be reached if the bulls enter the market at this level. The increase in digital investment products could cause the pioneering crypto to surge to $70,000 as confidence improves. 

Bottom Line

Based on the Bitcoin price outlook, traders must be cautiously bullish for potential delays at $64,000 or even $67,000. Until the Fed confirms the first rate cut, liquidity challenges could still plague global markets, including crypto.