Bitcoin Stalls at $83,000 Resistance… Golden Cross Hopes Remain Alive

Bitcoin failed to break through resistance near the $83,000 level and pulled back into the $79,000 range. Still, the possibility of a golden cross — where a short-term moving average crosses above a long-term moving average — is keeping medium- to long-term bullish expectations alive.

According to global cryptocurrency market platform CoinGecko, Bitcoin traded at $79,115 as of 9 a.m. on the 8th. After reclaiming the $80,000 level last week, it briefly climbed to $82,100, but profit-taking sell orders near $83,000 capped further gains.

On CoinMarketCap, Bitcoin slipped below the $80,000 mark. As of 8:29 a.m., Bitcoin was down 1.37% over the past 24 hours at $78,950.76. Ethereum, the second-largest cryptocurrency by market cap, fell 1.02% to $2,438.09. Ripple (XRP) dropped 2.22% to $1.38, while Solana declined 2.21% to $103.52.

The pullback was driven by employment data. U.S. jobs figures released on the 4th showed payroll growth far exceeding expectations, reigniting concerns about further interest rate hikes and pressuring risk assets across the cryptocurrency complex.

Technical signals remain mixed. The 50-week moving average, a gauge of long-term trend, is acting as resistance and limiting further upside. However, the 50-day moving average is approaching a bullish crossover above the 200-day moving average — a golden cross — which is typically interpreted as a signal that a medium- to long-term uptrend is beginning.