Bitcoin pulls back as another golden cross fails to deliver

CoinDesk Analysis Team CoinDesk

Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally.

Historically, however, that’s often not been the case. Instead, bitcoin has tended to generate much of its return in the lead-up to the crossover, before pulling back shortly after the signal appears.

The latest occurrence fits that pattern. Bitcoin climbed from $62,000 to $82,000 ahead of the golden cross, which formed at the beginning of the week, and has since fallen from around $80,000 to $77,000.

It’s not the first time the indicator has failed to live up to expectations.

In 2021, Bitcoin climbed from $35,000 in July to around $52,000 in September. A golden cross formed, and the price subsequently dropped to around $40,000.

At the beginning of 2023, bitcoin rallied from $16,000 to $23,000 to created a golden cross in February. The largest cryptocurrency then retreated to around $20,000 in March.

The same thing happened in October 2024. Bitcoin advanced from $54,000 to $70,000 ahead of the crossover, before slipping to around $67,000 heading into November.

Most recently, bitcoin bottomed near $76,000 in April 2025 and rallied to approximately $110,000 in May. After the golden cross formed, BTC pulled back to around $100,000 later in June.

So, even though the golden cross is considered a bullish longer-term signal, it can also be a lagging indicator. By the time it appears, a substantial portion of the rally may have already occurred.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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