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Analysis: Death Cross Appears on Bitcoin Chart…What does this mean?

Analysis: Death Cross Appears on Bitcoin Chart…What does this mean?

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Answer Analysis: Death Cross Appears on Bitcoin Chart…What does this mean?

The crypto market has recently suffered from a significant decline in price value.

The drop in prices touched both Bitcoin and other altcoins, bringing the total market capitalization below $2 trillion, after which the market was able to climb again above this level.

Bitcoin finally managed to rise above $42,500.

However, some analysts are still apprehensive about the Bitcoin movement, especially after the emergence of a technical pattern called the “death cross”.

A death cross is an indication that the average cash value of an asset over the last 50 days has fallen below its 200-day moving average.

According to Matty Greenspan, an analyst at Quantum Economics:

Read:Announcement of the digital currency trading platform CoinEx and in partnership with Banxa Buy and sell cryptocurrencies without fees

Bitcoin’s momentum may be heading lower in the latter half of this week.

The graph is very clear.

Bitcoin and the Death Cross:

Bitcoin price avoided forming a death cross for another day.

The death cross also formed on the second largest digital currency (Ethereum).

For his part, the analyst, Goetika Shaw, who is responsible for the Kraken OTC platform, commented:

Speaking of Death Cross, the graphic is diverse.

It is not surprising that the overall background is affecting the price action, but we have seen a good recovery in the last 24 hours.

He added on the “QuickTake Stock” program of the “Bloomberg” channel:

So far, I think the fundamentals are really strong.

Bitcoin’s reputation around death cross formations is still a mystery.

The bleak pattern unfolded in June 2021, followed by the same pattern in March 2020.

These bleak patterns were not obstacles to gains as the price turned higher to form a golden pattern in just a two month time span.

Read:$1.4 billion worth of money laundered via cryptocurrency exchanges in 2020

But the coin was trading lower after one month due to the November 2019 death cross.

Read also:

CIO of Pantera Capital: Ethereum will soon be behind 50% of all financial transactions

The Central Bank of Bahrain announces the success of the payment test in the digital stable currency “JPM”


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