Bitcoin's 'golden cross' just appeared and immediately became ineffective, with Fed rate hike expectations rising to 86%.

BlockBeats news, September 12 - Bitcoin's daily "golden cross" was short-lived and failed again. On September 12, BTC briefly rose to $79,837, pushing the 50-day EMA above the 200-day EMA, but then fell back to around $77,438, with the 50-day EMA falling back below the 200-day EMA.

This price action coincided with a rapid rise in Federal Reserve rate hike expectations. The latest data showed that the U.S. core CPI month-over-month came in at 0.3%, above the market expectation of 0.2%; CME FedWatch showed that the probability of the Fed raising rates by 25 basis points next week has risen from about 69% after the CPI release to 86.5%. The market's repricing of rate hikes weighed on risk assets, and Bitcoin's earlier gains were subsequently given back.

However, Bitcoin's medium-term trend has not completely turned bearish. The 50-period EMA on the 4-hour timeframe remains above the 200-period EMA, and the golden cross is still intact; the daily ADX is 45, indicating that the overall trend remains strong. At the same time, the 4-hour RSI fell to 43.3, showing that short-term momentum has clearly cooled.