Bitcoin about to witness sixth death cross in 5 yrs

2023-9-12 19:00

Quick Take

As Bitcoin’s price hovers around $26,000, technical indicators suggest a death cross is imminent, a situation defined by the 50-day moving average (DMA) falling below the 200 DMA. Currently, the 50dma is around $27,625, strikingly close to the 200dma at $27,618.

This impending event is a signal of weakening price momentum, often associated with potential bearish market conditions. Over the past five years, instances of a death cross have consistently correlated with negative price actions for Bitcoin.

Notable occurrences were in January 2019, September 2019, March 2020, June 2021, and January 2022. Each of these instances preceded a period of price decline, reinforcing the potential gravity of the current scenario. However, in June 2021, prices rose considerably after the ‘death cross’ before falling. Investors and market participants may be well-advised to monitor these indicators closely, as historical trends suggest potential forthcoming price volatility.

Technical Movements: (Source: Glassnode)

The post Bitcoin about to witness sixth death cross in 5 yrs appeared first on CryptoSlate.

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