spot_img
HomeBitcoinBitcoin Forms 'Death Cross', Bullish Or Bearish For BTC Price?

Bitcoin Forms ‘Death Cross’, Bullish Or Bearish For BTC Price?

spot_img


The Bitcoin price could likely be facing more turbulent times, considering the recent technical patterns like the formation of the Death Cross. It refers to the drop of a short term moving average for the cryptocurrency over time below a longer term moving average.

Also Read: Apple Annual Keynote Event 2023: What To Expect

Bitcoin Price Forms Death Cross Pattern

In this case, the BTC price saw a death cross pattern as its 50 day short term moving average has breached its 200 day short term moving average.

This is also being supported by the fact that in recent weeks, liquidity in the crypto market has been on a steady decline. According to Glassnode, both on chain and off chain volumes are about to reach historical lows. More importantly, further decline in Bitcoin price could likely mean that a huge part of the supply falls into a significant unrealized loss, which could officially mean the onset of the bear market yet again.

Case For The BTC Bull Run

On the positive side, Bitcoin has in recent months formed a Double Top Support pattern, which means it now has the support with resistance of two tops. Trader Tardigrade, a crypto influencer, stated that if the support in the current zone holds, there could be a massive bull run.

Also Read: Coinbase Warns US Lawmakers Ahead Of Gary Gensler Hearing

✓ Share:

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

crypto

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

spot_img
spot_img
Must Read
spot_img
Related News
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.