[Digital Today reporter Hyunwoo Choo (추현우)] Bitcoin has moved closer to forming a golden cross as its mid-term moving averages converge quickly after rebounding in August. U.Today, a blockchain media outlet, reported on Sept. 9 (local time) that the meaning of this signal depends on whether it actually breaks through the $80,000 to $82,000 resistance zone.

Bitcoin rebounded from around $58,000, its June low, and is now trading around $79,250. Since the August breakout, short-term moving averages have risen sharply, and the 200-day moving average has also recovered. The 200-day moving average is currently around $72,830.

The 100-day moving average is about $70,560 and the 50-day moving average is about $70,210. With the two lines nearly overlapping, the likelihood of a bullish crossover has increased. But a golden cross alone does not guarantee a further rally.

Because moving-average crossovers are lagging indicators, much of the rebound needed before the signal appears has already played out. Even before the crossover, bitcoin rose from around $63,000 to above $80,000. For this reason, the current price structure matters more than the crossover itself.

The key resistance zone is $80,000 to $82,000. Bitcoin has been pushed back several times in this range, and recently rose to around $81,500 before falling back to the $79,000 level. The Relative Strength Index (RSI) also fell from overbought territory to 62. That means the bullish trend remains, but momentum is not strengthening further.

For the golden cross to have practical meaning, the current consolidation needs to lead to a breakout to a new high. If bitcoin closes above $82,000 on a daily basis, short-term resistance could be cleared and a move to $85,000 could open up. If the first major dynamic support line around $75,900 breaks, the bullish interpretation could weaken sharply. The 200-day moving average is around $72,800.