Looming ‘Death Cross’ Could Signal Bitcoin Bear Market

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Oops!Something went wrong.Please try again later.CoinDeskLooming ‘Death Cross’ Could Signal Bitcoin Bear MarketDamanick DantesJune 9, 2021, 12:29 PMOops!Something went wrong.Please try again later.

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.

Related: Market Wrap: Bitcoin Pops to $36.8K, Other Cryptos Higher Despite Worrying China Signals

“Speculative reports suggest that bitcoin could soon drop to $20,000 referencing the looming bearish cross of the 50 and 200 daily moving averages,” Stephen Kelso, head of markets at brokerage firm...read more...