Last Updated on 04/09/2026
- Bitcoin remains above $77,000, although momentum indicators suggest that bullish pressure is beginning to fade.
- Bitcoin’s 90-day correlation with Gold has risen to around 50%, reinforcing its appeal as a hedge against currency debasement.
- Arbitrum and Pyth Network have posted double-digit gains over the past 24 hours, ranking among the crypto market’s strongest performers.
Bitcoin (BTC) is trading above $77,000 on Thursday, although bullish momentum is showing signs of moderation as its 90-day correlation with Gold approaches 50%. Meanwhile, Arbitrum (ARB) and Pyth Network (PYTH) have posted double-digit gains over the past 24 hours, making them among the market’s strongest-performing cryptocurrencies.
Bitcoin increasingly moves in line with Gold
Bitcoin’s 90-day correlation with the NASDAQ has fallen to around 33%, down from nearly 60%, while its correlation with Gold has climbed to approximately 50%. Rising US government debt, now above $40 trillion, persistent fiscal deficits and elevated bond yields are encouraging investors to seek assets that can provide protection against currency debasement, including Bitcoin and Gold.
The recent decision to double long-maturity Treasury buyback operations from $2 billion to $4 billion could help reduce yields in the near term. However, the continued expansion of government debt remains a longer-term concern. Against this backdrop, Bitcoin’s growing relationship with Gold strengthens the argument for the cryptocurrency as a scarce digital asset with potential long-term value.
Bitcoin bulls pause as momentum cools
Bitcoin is trading near $77,328 at the time of writing on Thursday. The short-term outlook remains constructive, with BTC holding comfortably above its 50-, 100-, and 200-day Exponential Moving Averages (EMAs), positioned between approximately $69,400 and $72,400.
The cryptocurrency is also above the 50% Fibonacci retracement level at $75,233, calculated from the $97,924 to $57,800 decline, maintaining a broadly bullish technical structure.
The Relative Strength Index (RSI) is around 65, indicating solid momentum, although it has eased from overbought territory. Meanwhile, the Moving Average Convergence Divergence (MACD) has moved below its signal line, suggesting that Bitcoin could enter a period of consolidation or take a temporary pause.
On the upside, the first major resistance stands at the 78.6% Fibonacci retracement near $87,476. Beyond that, attention would turn toward the cycle high around $97,924.
On the downside, $75,233 represents the first key support. Below this level, BTC could find stronger demand around the EMA cluster, including the 200-day EMA at $72,365, the 50-day EMA at $70,574 and the 100-day EMA at $69,395. This area continues to support the broader bullish structure.
Arbitrum and Pyth Network maintain strong gains
Arbitrum has gained more than 5% on Thursday after surging approximately 12% the previous day. ARB maintains a bullish short-term setup, with its price trading above the 50-, 100-, and 200-day EMAs at $0.0906, $0.0929 and $0.1164, respectively.
The four-day recovery is now testing the bullish breakout above the 78.6% Fibonacci retracement at $0.1272, measured from $0.1495 to $0.0705. A sustained breakout above this level could open the way toward the $0.1495 swing high.
Momentum indicators remain supportive, with the MACD and signal line trending higher. However, the RSI at 76 indicates overbought conditions, raising the possibility of a short-term slowdown.
The 200-day EMA around $0.1164 provides the first layer of support, followed by the 50% Fibonacci retracement at $0.1026.
Pyth Network has advanced around 3% on Thursday, adding to its 10% gain from the previous session. PYTH has now extended its recovery for four consecutive days and remains well above the 200-day EMA at $0.0499. The 50- and 100-day EMAs at $0.0455 and $0.0446, respectively, further reinforce the bullish technical structure.
The previously broken descending resistance trendline has turned into support near $0.0552, suggesting that buyers have absorbed the earlier selling pressure. On the upside, immediate resistance is located at the May 9 high of $0.0631, followed by the January 6 high at $0.0737.
The RSI near 75 places PYTH in overbought territory, although the MACD has rebounded from its signal line and continues to trend higher, indicating that bullish momentum remains favorable in the near term.
The former trendline breakout near $0.0552 is the first support level to watch, followed by the 200-day EMA at $0.0499. A deeper correction toward these levels would provide an important test of the sustainability of PYTH’s current uptrend.
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