Saturday, July 6, 2024

Bitcoin Death Cross Is Staring Down Bulls After A Painful Retreat

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Known as a death cross, the measure shows up whenever an assets average price over the last 50 days drops below that of its 200-day moving average, an indication that its momentum is headed downward

After one of the roughest patches ever for Bitcoin enthusiasts, holders of the largest digital currency are facing an ominous technical price pattern with a name that suggests more pain ahead.
Known as a death cross, the measure shows up whenever an asset’s average price over the last 50 days drops below that of its 200-day moving average, an indication that its momentum is headed downward. And though it hasn’t occurred yet for Bitcoin, it looks to be on course to hit it later this week, according to Mati Greenspan, founder of Quantum Economics.

“The chart is pretty clear,” he said.

Bitcoin avoiding forming the death cross for another day, rising 2.6% to around $42,813 as of 2:44 p.m. in New York. Before Tuesday, it had notched only three up days since the new year started. Ether, the second-largest digital token by market value, also looks to be on track to form a death cross, though it also traded higher to around $3,233 on Tuesday.

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Also read: Bitcoin Stuck in a Range, Ethereum Rallies, LUNA and STX Outperform

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