Looming ‘Death Cross’ Could Signal Bitcoin Bear Market
- Date: 10-Jun-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Looming ‘Death Cross’ Could Signal Bitcoin Bear Market
The “death cross,” a bearish technical signal biw looming in price charts, could point to trouble ahead for bitcoin (BTC) amid regulatory crackdowns and environmental concerns.
A death cross occurs when the 50-day moving average crosses below the 200-day moving average. If that happens, bitcoin could enter bear market territory similar to what happened in 2018.
Previous death crosses resulted in additional price declines of 70% in 2018 and 47% in 2019. The death cross in 2020 occurred shortly after the coronavirus pandemic-induced market crash in March, which proved to be a lagging signal at that time.
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