Bitcoin pulls back as another golden cross fails to deliver

Earlier this week, bitcoin $BTC$77,126.32 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.