Bitcoin is trading near $102,750, down about 4% on Monday, as it approaches a bullish technical formation known as the golden cross, where the 50-day moving average crosses above the 200-day moving average. This pattern has historically preceded major rallies in Bitcoin, notably its surge from $70,000 to over $100,000 in 2023.
Investor interest is heightened by concerns over the U.S. economy, following Moody's downgrade of the U.S. sovereign credit rating due to the national debt exceeding $36 trillion and rising Treasury yields. This has led many to view Bitcoin as a potential hedge against fiscal instability.
However, despite these optimistic macro signs, Bitcoin's short-term technical structure appears fragile. The price has recently slipped below its 50-EMA (~$103,698) and an ascending trendline, signaling weakening momentum. The MACD indicator has turned bearish, showing selling pressure. Key support levels are identified at $102,750, $100,782, and $99,188, while resistance zones lie around $104,319 and $105,539.
Further, an asset seizure case in Australia involving 25 Bitcoins from a 2013 crypto exchange hack highlights increasing regulatory oversight and the traceability of Bitcoin, which could build institutional trust over time despite causing short-term concerns for privacy-focused holders.
Separately, Ripple praised Dubai's clear crypto regulations, strengthening institutional confidence in the ecosystem, which may indirectly benefit Bitcoin. Meanwhile, the BTC Bull Token (BTCBULL), an altcoin offering an estimated 71% staking yield with no lockups or penalties, is nearing its $6.84 million presale goal, indicating growing investor appetite for yield-generating crypto assets amid Bitcoin's current price dynamics.