Bitcoin traded near $79,300 early Monday as an August payrolls print above forecasts pushed the odds of a Federal Reserve rate hike higher and a key moving-average "golden cross" moved closer to confirmation. Spot Bitcoin ETFs kept absorbing supply even as the price stalled below resistance.
Bitcoin traded at $79,325 at 07:50 UTC on September 7, down 1.27% on the daily Binance candle, after another rejection below $82,614. Separately, CoinDesk data put the coin just above $79,300 during Asian morning hours Monday, down under 1% over 24 hours and up about 2% on the week.
Golden cross narrows but $84,400 still caps the upside
The gap between Bitcoin's 50-day and 200-day exponential moving averages has narrowed from 3.17% to 0.93%, leaving a potential golden cross close but still unconfirmed. The 50-day EMA sits at $72,068.83 against a 200-day EMA of $72,744.96, a $676.13 gap compared with $2,293.25 on September 1.
A daily close above $84,400 would open the path toward $98,068 and then $100,000, while a daily close below $75,338 would expose the 200-day EMA near $72,745. Paul Howard, Senior Director at Wincent, expects the structure to support a gradual advance rather than a sudden breakout. According to Howard: "Many hodlers are now less reactive to macro news".
Payrolls data lifts rate-hike odds
Payrolls printed at 162,000 for August against forecasts near 56,000, lifting the odds of a rate hike at the September 15-16 Fed meeting to roughly 58% from just under 50%. The two-year Treasury yield hit a 52-week high near 4.4%.
Separately, the S&P 500 yield-to-10-year Treasury yield ratio has dropped to 0.22, one of the lowest levels on record, making it increasingly attractive to shift capital from stocks into bonds. That rotation, AMBCrypto notes, has not hit Bitcoin yet.
ETF inflows keep buying pressure intact
U.S. spot Bitcoin ETFs recorded $986.7 million of net inflows over the five sessions from August 31 through September 4, a sequence that included a $236.5 million outflow on September 1 followed by three positive sessions. CoinDesk separately reported about $770 million flowing into U.S. spot bitcoin ETFs across the first four sessions of September.
AMBCrypto reported that the ETFs recorded their highest inflow day since January on September 3, with almost $731 million worth of BTC purchased. Almost $3.8 billion has flowed into spot Bitcoin ETFs over the past three weeks.
Sources: Finance Magnates, AMBCrypto, CoinDesk
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