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.
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“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...